ICICI Bank has reported a 44.67 per cent jump in net profit on a consolidated basis at Rs 336.89 crore (Rs 3.368 billion) for the first quarter ending June 30, 2003 as compared to Rs 232.86 crore (Rs 2.328 billion) for same quarter last fiscal.

Total income on consolidated basis during the period under review rose by 6.59 per cent to Rs 3,212.66 crore (Rs 32.126 billion) in Q1 of FY'04 as against Rs 3,013.99 crore (Rs 30.139 billion) in Q1 last year, an ICICI Bank release said in Mumbai on Friday.

The net profit on a stand alone basis was up by 34 per cent at Rs 340.2 crore (Rs 3.402 billion) in Q1 of 2003-04 as against Rs 252.9 crore (Rs 2.529 billion) during same period last fiscal.

Total income increased from Rs 2,854.62 crore (Rs 28.546 billion) in first quarter of last fiscal to Rs 2,899.87 crore (Rs 28.998 billion) in Q1 of 2003-04.

Retail assets grew 18 per cent by Rs 3,403 crore (Rs 34.03 billion) during the quarter to Rs 22,535 crore (Rs 225.35 billion) on June 30, 2003 as against Rs 19,132 crore (Rs 191.32 billion) as on March 31, 2003.

Total deposits were up by 12 per cent during this period to Rs 53,853 crore (Rs 538.53 billion), constituting 57 per cent of the bank's funding, it said.

Net interest income rose by 24 per cent to Rs 416 crore (Rs 4.16 billion) in Q1 of FY'04 as against Rs 336 crore (Rs 3.36 billion) in the same period last year while non-interest income rose from Rs 460 crore (Rs 4.60 billion) in Q1 of 2002-03 to Rs 641 crore (Rs 6.41 billion) in Q1 of 2003-04.

Home loan approvals were Rs 3,862 crore (Rs 38.62 billion) and disbursements were Rs 2,550 crore (Rs 25.50 billion) in April-June period, the release said.

Net non-performing asset ratio was 4.9 per cent the same as on March 31 last while the capital adequacy ratio as on June 30 was 11.15 per cent. The Tier-I capital excludes deferred tax asset of Rs 503 crore (Rs 5.03 billion).

ICICI Bank said total deposits in Q1 of current fiscal stood at Rs 53,853 crore (Rs 538.53 billion), a growth of 12 per cent. The average cost of deposits declined to six per cent (6.8 per cent in March 2003).

The capital adequacy ratio was 11.15 per cent, including tier I capital adequacy of 7.09 per cent.

The bank repaid about Rs 2,300 crore (Rs 23 billion) of erstwhile ICICI's liabilities as they fell due in accordance with their terms of repayment, the release added.

On international operations, the bank said the offshore branch in Singapore was expected to commence operations by September 2003, while the wholly owned subsidiary ICICI Bank UK Ltd has received necessary approvals from the Financial Service Authority (FSA) in UK, it said.

ICICI Bank has also received permission from the Central Bank of UAE for a representative office in Dubai, it added.