-- ICICI Bank's (NSE:ICICIBANK, BOM:532174) fiscal fourth quarter profits after tax grew by 8.5% on-year to $1.4 billion, while total advances, or loans, grew 15.8% on-year in the same period, the financial house reported on Saturday.
Bank ICICI reported that it extended loans heavily to the business side of its loan portfolio in the fiscal fourth period and year, ended March 31.
While the bank's retail loan portfolio grew by 9.5% on-year in the fourth period, the ICICI business-loan portfolio grew by 24.4%
on-year, reported ICICI.
Meanwhile, total ICICI Bank deposits increased by 11.4% on-year to $189.2 billion, at the end of the fiscal fourth quarter.
The bank operation is well-capitalized, said ICICI.
The bank's total capital adequacy ratio at the end of the fourth period was 17.18% and the common equity tier 1 (CET1) ratio
was 16.35%, which was above the regulatory requirements of 11.70% and 8.20% respectively, advised ICICI.
Based on the financial results, the ICICI board recommended a dividend equivalent to $ 0.25 per ADS (American Depositary Share).
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Established in 1955, ICICI Bank is part of the ICICI Group. It was established by the World Bank, the Government of India, and industry representatives to foster industrial development.
ICICI is one of India's largest financial houses, and is regarded as one of three domestic "systemically important banks" by the central bank Reserve Bank of India (RBI). The other two such banks are HDFC Bank (NSE:HDFCBANK, BOM:500180, HDB) and the State Bank of India (NSE:SBIN, BOM:500112).
ICICI shares on Monday closed up 0.9%.