ICICI Bank (ICICIBANK) Q4 98/99 earnings summary

Executive summary

• FY1998-99 marked a sharp expansion phase, with growth in one year exceeding the cumulative growth of the prior four years in branch network and business volumes.

• Net profit rose 26.16% YoY to Rs. 63.36 crore; deposits grew 131% to Rs. 6,072.94 crore.

• Common branding and closer group coordination supported the growth strategy; retail, corporate, and forex/treasury units became independent profit centres from April 1, 1999.

Financial highlights

• Gross income increased to Rs. 633.08 crore from Rs. 343.54 crore; profit before provisions and contingencies rose to Rs. 124.60 crore from Rs. 100.46 crore.

• Net profit was Rs. 63.36 crore versus Rs. 50.22 crore; EPS rose to Rs. 3.84 from Rs. 3.04.

• Interest income more than doubled to Rs. 544.05 crore; other income was Rs. 89.03 crore versus Rs. 85.05 crore.

• Total assets reached Rs. 6,981.67 crore versus Rs. 3,279.43 crore; net worth increased to Rs. 308.33 crore from Rs. 266.75 crore.

Outlook and guidance

• Strong business-volume growth and higher shareholder value remained strategic priorities for the coming years, with group coordination expected to be further refined.

• Y2K project spending was Rs. 49.52 lakh in FY1998-99; FY1999-2000 spending was estimated at Rs. 50 lakh.

• Nine additional forex branches were expected to join the SWIFT network during FY1999-2000.