ICICI Bank reports 20 per cent increase in net profit

Private sector bank, ICICI Bank has reported an increase of 20 per cent in net profit in the quarter till December 2011.

The bank reported the net profit at Rs. 1,728.10 crore in the quarter compared to Rs 1,437.02 crore in the same quarter previous year. The increase in net profit was mainly due to net interest income as well as decline in provisions on account of lower gross non-performing assets.

The bank's total income increased to Rs 10,483.73 crore from Rs. 8,444.75 crore in the same quarter of 2010, the company said in a filing with the Bombay Stock Exchange (BSE).

The operating profit for the bank was recorded at Rs. 2,687.10 crore compared to Rs. 2,342.61 crore in the same quarter previous year. The total provisions fell to Rs. 341.10 crore from Rs. 464.27 crore.

The net non-performing asset ratio for the bank decreased to 0.70 percent from 1.16 per cent in the previous year quarter. Total capital adequacy was recorded at the level of 18.88 per cent.

The results were trading 4.08 per cent up at Rs 886.70 on the BSE as investors reacted positively to the results.