Net profit of ICICI Bank fell around 35% during the fourth quarter of 2008-2009 to Rs. 744 crore against Rs. 1150 crore in the corresponding period last year. The bank has witnessed the sharpest decline in net profit in over six years.
However, the bank has declared dividend of Rs. 11 per share.
In view of rising bad loans, ICICI Bank has scaled down its unsecured lending and would focus on enhancing the net interest income.
The bank expects a 5-10% loan growth in retail and corporate portfolios in the current fiscal. As on Mar 31, 2009, the bank's NPA ratio was 1.96%. The bank's total loan book has share of 49% of retail, 37% of corporate, 10% of rural and 4% SME.
The bank's total income for the financial year 2008-2009 went down around 2% to Rs. 38,696 crore, against Rs. 39,599 crore in previous year.
The bank finally announced the top-level changes in the senior level positions on Saturday.
With effective from May 1 ICICI Bank executive director V Vaidyanathan will be sifted as MD and CEO of ICICI Life in place of Shikha Sharma, and Sandeep Bakhshi, MD and CEO, ICICI Lombard General Insurance, will move to ICICI Bank as executive director (retail and rural banking). Bhargav Dasgupta, executive director, ICICI Life has been appointed as MD and CEO of ICCI General Insurance.
However, the bank has declared dividend of Rs. 11 per share.
In view of rising bad loans, ICICI Bank has scaled down its unsecured lending and would focus on enhancing the net interest income.
The bank expects a 5-10% loan growth in retail and corporate portfolios in the current fiscal. As on Mar 31, 2009, the bank's NPA ratio was 1.96%. The bank's total loan book has share of 49% of retail, 37% of corporate, 10% of rural and 4% SME.
The bank's total income for the financial year 2008-2009 went down around 2% to Rs. 38,696 crore, against Rs. 39,599 crore in previous year.
The bank finally announced the top-level changes in the senior level positions on Saturday.
With effective from May 1 ICICI Bank executive director V Vaidyanathan will be sifted as MD and CEO of ICICI Life in place of Shikha Sharma, and Sandeep Bakhshi, MD and CEO, ICICI Lombard General Insurance, will move to ICICI Bank as executive director (retail and rural banking). Bhargav Dasgupta, executive director, ICICI Life has been appointed as MD and CEO of ICCI General Insurance.
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