ICICI Bank's Q4 net profit up 39 percent, recommends 110 percent dividend payout
India's second largest bank, ICICI Bank has reported strong fourth quarter results and beat market expectations, posting net profit after tax (PAT) year-on-year (YoY) growth at 39 percent even though it was hit by losses due to its exposure to the credit derivatives market overseas.
HDFC Bank to acquire Centurion Bank in $2.4 billion share-swap dealAs per Indian Generally Accepted Accounting Principles (Indian GAAP), the bank, the largest private sector money lender in India, said its PAT for the quarter ended March 31, 2008 (Q4-2008) increased 39.35 percent to Rs.1149.84 crore ($287.46 million) from Rs.825.12 crore ($206.28 million) for the quarter ended March 31, 2007 (Q4-2007). Market analysts expected the bank to report a net profit of Rs.915 crore ($228.75 million).
For the whole fiscal year ended March 31, 2008, PAT increased 33.68 percent to Rs.4157.73 crore ($1.04 billion) as against Rs.3110.22 crore ($777.55 million) for the year ended March 31, 2007.
The bank's total income for the fourth quarter ended March 31, 2008 was Rs.10390.92 crore ($2.6 billion) as against Rs.8495.52 crore ($2.12 billion) for the corresponding period a year earlier, a YoY growth of 22.3 percent.
For the whole year ended March 31, 2008, the YoY growth of total income was 36.9 percent or Rs.39,599.11 crore ($9.9 billion) as against Rs.28,923.46 crore ($7.23 billion) a year earlier.
The bank's net interest income, the difference between what it paid for funds and what it earned from lending, increased 29.57 percent to Rs.7304 crore ($1.82 billion) for the fiscal year ended March 31, 2008, from Rs.5637 crore ($1.41 billion) a year earlier.
For the quarter ended March 31, 2008, the net interest income rose 29.21 percent to Rs.2079 crore ($519.75 million) from Rs.1609 crore ($402.25 million) for the same period a year earlier.
For the whole year ended March 31, 2008, current and savings account deposits rose 27 percent to Rs.63,781 crore (15.94 billion) from Rs.50,214 crore ($12.55 billion) a year earlier.
For the year ended March 31, 2008, ICICI Bank and its subsidiaries had consolidated total assets of Rs.4,85,830 crore ($121 billion).
The bank's Board of Directors has recommended a dividend payout of Rs.11 per share on par value of Rs.10 per share (110 percent), subject to approval of shareholders. For the fiscal year ended March 31, 2007, it had recommended a dividend of 100 percent per equity share.
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