ICICI Bank expects loan growth of 15 pc in 2008-09

Tue. November 18, 2008; Posted: 09:59 PM

New Delhi, Nov 18, 2008 (Asia Pulse Data Source via COMTEX) -- IBN | Quote | Chart | News | PowerRating -- ICICI Bank is hopeful of retaining loan growth rate of 15 per cent in the current financial year despite ongoing economic slowdown.

"We would expect the loan growth of 15 per cent," ICICI Bank Managing Director and CEO K V Kamath told PTI.

Last year, the bank had a credit growth of 15 per cent with a three per cent expansion in retail banking and 20 per cent in corporate.

However, during the first six months of the current fiscal, the advances of the bank grew by just 7.2 per cent to Rs 2,21,985 crore over Rs 2,07,121 crore at the end of September 2007.

At the end of March 2008, the advances of the bank totalled Rs 2,25,616 crore.

Kamath said: "You will have to have resources to grow (advance) by that (by 15 per cent). I have so many ways to balance liability side. Last year, I raised capital. I did not need deposits. I can raise bonds. I can take money globally." Meanwhile, the shares of the bank plunged by 5.7 per cent to Rs 364.90 on the Bombay Stock Exchange.

For the second quarter ended September 2008, the bank recorded profit after tax of Rs 1,014 crore, up by 1.1 per cent on a year-on-year basis.

However, the operating profit grew by 42 per cent to Rs 2,437 crore from Rs 1,712 crore in a year-ago period.

ICICI Bank's consolidated net profit dropped 27.4 per cent to Rs 651.48 crore in the July-September quarter, although total income grew by nearly 13 per cent to Rs 15,590.46 crore.

The consolidated figures include results for the bank as well as its subsidiaries, including ICICI Bank UK, and insurance, brokerage and mutual fund businesses.

For full details on ICICI Bank Ltd. ADS (IBN) click here. ICICI Bank Ltd. ADS (IBN) has Short Term PowerRatings of 6. Details on ICICI Bank Ltd. ADS (IBN) Short Term PowerRatings is available at This Link.

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