MUMBAI: ICICI Bank, India's largest in the private sector, has reported a 9.6 per cent drop in net profit after tax at Rs 3,758 crore ($741
million) for the year ended March 31, against Rs 4,158 crore ($820 million) for the year before.
The bank's board of directors
, which met here Saturday to consider the audited accounts for financial year 2008-09, has recommended a dividend of Rs 11 per share, which is the same as previous year, a regulatory filing with stock markets said.
ICICI Bank, however, reported a higher net interest income of Rs 8,367 crore ($1,650 million) for the year under review, up 15 per cent over Rs 7,304 crore ($1,440 million) earned during the previous year.
"While the advances declined marginally year-on-year, the net interest income increased due to improvement in net interest margin from 2.2 per cent in 2007-08 to 2.4 per cent in 2008-09," the bank's statement added.
mong the other items of strong showing were the 12 per cent increase in operating profit and 14 per cent reduction in costs due to rationalisation of expenditure. The bank's capital adequacy ratio was also strong at 15.5 per cent.
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