ICICI Bank registers 35% drop in its Q4 Net profit

ICICI Bank registers 35% drop in its Q4 Net profitIndia's second-largest lender ICICI Bank today announced 35% drop in net profit at Rs 743.76 crore for the quarter ended March 31, 2009 when compared to Rs 1149.84 crore in the year-ago period.

In addition, the lender's total income also fell to Rs 9203.36 crore from Rs 10390.92 crore in the corresponding period in the previous year.

For the full-year ended March, ICICI Bank's net profit fell 9.40% percent to Rs 3758.13 crore, as compared to Rs 4157.73 crore for the year ended March 31, 2008.

Further, its total Income has also decreased from Rs 39599.11 crore for the year ended March 31, 2008 to Rs 38696.27 crore for the year ended March 31, 2009.

For the quarter ended March 31 2009, ICICI Bank's consolidated net profit surged 17.6% to Rs 748.44 crore as compared to Rs 636.12 crore for the quarter ended March 31,
2008.

However, ICICI Bank witnessed fall of 4.60 % in its total income to Rs 16995.59 crore for the quarter ended March 31, 2009, as compared to Rs 17819.38 crore for the quarter ended March 31, 2008.

Mumbai-headquartered lender has posted fiscal year consolidated net profit of Rs 3576.95 crore, compared with Rs 3398.23 crore for the year ended March 31, 2008.

The bank also cloaked a surge in its total Income from Rs 60053.08 crore for the year ended March 31, 2008 to Rs 64153.08 crore for the year ended March 31, 2009.

The bank's board of directors has recommended a dividend of Rs 11 per share for financial year 2008-09.

In a separate announcement, Sandeep Bakhshi, Managing Director & CEO, ICICI General has been appointed as Executive Director of ICICI Bank. He will be responsible for retail and rural banking.

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