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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World ICICI Bank says quarterly profit up 35 percent By ERIKA KINETZ,AP Business Writer - Sunday, April 25 Send IM Story Print MUMBAI, India – ICICI Bank Ltd., India's largest private bank, said Saturday its quarterly profit rose by more than a third, missing expectations, as it continued to retrench its deposit base and cut back on risky consumer loans. Net profit for the January to March quarter was 10.06 billion rupees ($224 million), up 35.2 percent from 7.44 billion rupees ($166 million) in the year ago period. Total income slipped 16.1 percent, to 77.18 billion rupees ($1.74 billion) from 92.03 billion rupees in the year ago quarter. Despite rising demand for credit in India's fast-growing economy, ICICI shrank its loan book 17 percent for the year, to 1.81 trillion rupees ($40.4 billion) from 2.2 trillion rupees ($48.6 billion) a year ago, as it cut back on retail and overseas loans. Chief executive Chanda Kochhar said the bank has finished purging high-risk retail loans and is ready to increase lending going forward. This fiscal year, she said outstanding loans should grow by 16 to 20 percent, on strong demand for mortgages and car loans as well as corporate financing for manufacturing and infrastructure projects. She said the domestic loan book grew at a 26 percent annualized rate in the March quarter, after three quarters of sharp contraction. "The restructuring _ divesting some of our high-risk loan book _ we are more or less through," she said. In the last year, the bank has reduced its unsecured retail loans from 7.5 percent to less than 5 percent of the total, she said. Vaibhav Agrawal, banking analyst at Mumbai's Angel Broking, said he was slightly disappointed the bank hasn't shown more signs of growth, given its long retrenchment and rising demand for credit in India. "They seem to be done with their cost rationalization and improvement in deposit mix," he said. "I would have expected in this quarter to see some signs of growth coming back, of more aggressive branch expansion. Maybe in the next quarter we'll see those things happening." The bank has been aggressively expanding its branch network, with 1,741 branches as of Saturday _ but fewer than the 2,000 branches Agrawal expected to be in place by now. ICICI, which is the nation's second-largest lender after state-run State Bank of India, trimmed operating expenses 6 percent from the year-ago period. It also increased its fee income, which helped counter falling interest income. Employee costs rose for the quarter, as the bank paid its staff a bonus for the first time this fiscal year, Kochhar said. The bank said net non-performing assets fell 15.5 percent to 39.0 billion rupees ($869 million) from 46.2 billion rupees ($10.3 million) a year ago. It also continued to improve the quality of its deposit base, boosting the ratio of low-cost checking and savings accounts deposits to a comfortable 41.7 percent, from 28.7 percent a year ago. Investors in India like banks to have about a third of their deposits in checking and savings accounts, as opposed to fixed deposit accounts, on which the bank must pay much higher interest. 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