ICICI net profit plunges | india | Hindustan Times
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ICICI net profit plunges

ICICI bank, the country’s largest private sector bank that has been fighting bad loans and slowdown in loan growth, declared a dip in net profit that stood at Rs 3,758.13 crore at the end of March 2009, against Rs 4,157.73 crore at the end of 2008. HT Correspondent reports.

india Updated: Apr 26, 2009 01:32 IST

ICICI bank, the country’s largest private sector bank that has been fighting bad loans and slowdown in loan growth, declared a dip in net profit that stood at Rs 3,758.13 crore at the end of March 2009, against Rs 4,157.73 crore at the end of 2008.

The bank’s fourth-quarter profit too fell 35.3 per cent to Rs 743.76 crore at the end of the quarter ending March 2009, against Rs 1,149.84 crore at the end of the quarter ending March 2008. ICICI Bank’s non-performing advances rose from 1.5 per cent in March 2008 to 1.95 per cent in March 2009.

Its total income dipped from Rs 39,599.11 crore at the end of March 2008 to Rs 38,696.27 at the end of March 2009.

However, the bank’s net interest income rose 15 per cent from Rs 7,304 crore at the end of March 2008 to Rs 8,367 crore at the end of March 2009.

In January, ICICI announced that its current managing director and CEO KV Kamath would retire on April 30 and assume office as non-executive chairman of the board from May 1. The bank appointed Chanda Kochhar as managing director and CEO of ICICI.

ICICI Bank’s executive director V Vaidyanathan has now been appointed as managing director and CEO of its life insurance subsidiary, ICICI Life, which saw managing director Shikha Sharma stepping down to take over as the managing director of Axis Bank.