Non-core income, dividends drive ICICI Bank net up 31% in Q4

ICICI Bank today reported 31 per cent jump in net profit to Rs 1,902 crore for the fourth quarter of 2011-12, driven by rise in both interest and non-interest income, and higher dividends from subsidiaries.

Non-core revenue, which includes gains from treasury and fees in addition to higher dividends from subsidiaries, rose almost 36 per cent to Rs 2,230 crore, while the core network interest income grew 24 per cent to Rs 3,105 crore during the quarter, the country's largest private lender said today.

The bank had posted a profit of Rs 1.452 crore in January-March quarter of the previous fiscal.

Total income increased to Rs 11,403 crore in the quarter under review

from Rs 8,797 crore in the year-ago period.

"Strong loan growth and other revenue, which includes a dividend of our subsidiaries, as well as a good asset quality has helped us to report strong numbers," ICICI Bank managing director and chief executive Chanda told reporters in a conference call here.

"This could also help us offset the impact of Rs 613 crore loss in ICICI Lombard for the IrDA guidelines on third-party motor insurance pool," she said.

Dividend income rose to Rs 280 crore in the reporting period against Rs 75 crore a year.

Market cheered the numbers, jacking the ICICI counter of almost 4 per cent intra-day and closing at Rs 860.75 up 2.3 per cent in the BSE despite a flat market.

On the back of better-than-expected numbers, Kochhar sounded bullish about growth in the current fiscal saying the bank will grow above the industry average at 20 percent.

The Reserve Bank has fixed 17 per cent increase in advance for the tax.

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