MUMBAI, July 28: The Industrial Credit and Investment Corporation of India (ICICI) has recorded a 123 per cent jump in net profit to Rs 223 crore in the first quarter (April-June) of 1997-98 from Rs 100 crore in the same period in the previous fiscal.

ICICI is the first term lending institution in the country to announce its audited quarterly financial results. It is also the fourth corporate entity after Infosys, Housing Development Finance Corporation and Essel Packaging to announce quarterly results.

While the total income has gone up from Rs 897 crore to Rs 1244 crore, the company made a pre-tax profit of Rs 244 crore as against Rs 141 crore. "Since this is the first time an exercise of this nature is being carried out on a quarterly basis, comparison with the first quarter of 1997 results may not be strictly appropriate," an ICICI release said on Monday. Apart from not being audited, the results of the first quarter of the last fiscal were not adjusted for alignment of accounting practices of erstwhile SCICI Ltd with those of ICICI, the release added.

The highlight of the first quarter's results is a one percentage point rise in non-performing assets from, 6.8 per cent as on March 31, 1997 to 7.8 per cent on June 30, 1997. "We have bunched off all the NPAs in anticipation. I am confident some of them will be able to turn the corner before the end of the year. With the growth in assets, the percentage of NPA will come down to at least last year's level of 6.8 per cent," said an ICICI official.

The classification of assets has been done in accordance with RBI guidelines while write off and provisions have been pro-rated for the quarter, the ICICI release said. Write offs and provisions went up by a significant 122 per cent to Rs 55 crore from Rs 25 crore.

According to ICICI the profit for Q1 1998 includes net capital gains of Rs 47 crore.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.