ICICI net profit rises 21 pc
ENS ECONOMIC BUREAU

MUMBAI, APR 28: Term lending institution ICICI Ltd has stolen a march over its rival IDBI by notching up a 21 per cent increase in its net profit at Rs 1,206 crore for the year ended March 2000 against Rs 1,001 crore in the previous year. It has proposed a dividend of 55 per cent (Rs 5.50 per share of Rs 10 each) payable on higher capital (same last year), including the interim dividend of 45 per cent declared on March 17, 2000.

He said ICICI continued to focus on its initiatives in respect of recovery and settlements of problem cases. During the year, it settled dues aggregating Rs 515 crore from 112 cases (Rs 380 crore from 100 cases in previous year). This present value of principal dues settled was about 76 per cent during the this year period.

ICICI's fund based income rose by 18.1 per cent to Rs 8,308 crore (Rs 7,033 crore last year), other income was down by 40.1 per cent to Rs 55 crore (Rs 92 crore) and income from fees and commissions was up by four per cent to Rs 324 crore (Rs 311 crore). Interest and depreciation charges increased by 13 per cent to Rs 6,372 crore (Rs 5,638 crore). Total capital adequacy ratio of the FI increased to 17.1 per cent as on March 31, 2000 compared to 12.5 per cent as on March 31, 1999.

During the year, ICICI mobilised rupee resources of about Rs 15,872 crore. Of this about Rs 2,575 crore was raised through seven public issues of bonds to about 10 lakh retail investors.

ICICI Venture, a subsidiary of ICICI, registered more than 500 per cent rise in net profit to Rs 38 crore in 1999-2000 from Rs 6 crore in the previous year. ICICI Securities, another subsidiary, showed a net profit of Rs 72 crore as against Rs 20 crore.

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.