ICICI Bank, an India-based financial services provider, has reported its quarter results ended on June 30, 2009. Profit before tax increased 31% to $252 million for the quarter ended June 30, 2009 (Q1-2010) from $192 million for the quarter ended June 30, 2008 (Q1-2009).
Profit after tax increased 21% to $183 million for Q1-2010 from $152 million for Q1-2009. The net interest margin was maintained at 2.4%. Net interest income for Q1-2010 was $414 million compared to $436 million for Q1-2009. The decrease in net interest income was mainly due to the decrease in advances by 11.6%.
The Bank earned treasury income of $149 million in Q1-2010. Fee income for Q1-2010 at $275 million was maintained at about the same level as for the quarter ended March 31, 2009 (Q4-2009). The lower level of fee income compared to Q1-2009 was due to reduced investment and mergers & acquisition activity in the corporate sector and lower level of fees from distribution of retail financial products, reflecting the continued impact of the adverse global economic conditions on the operating environment.
Operating expenses decreased 20% to $312 million in Q1-2010 from $ 389 million in Q1-2009. The bank achieved a reduction in the cost/average asset ratio to 1.6% for Q1-2010 from 1.9% for Q1-2009, despite the reduction in total asset.
