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Stock Report
ICICI Bank Q1 net profit up 25% to Rs.775.08 Crores
Posted On : 2007-07-21 03:54:52( TIMEZONE : IST )
ICICI Bank Ltd has announced the Audited financial results for the quarter ended June 30, 2007.
The Bank has posted a net profit of Rs 7750.80 million for the quarter ended June 30, 2007 as compared to Rs 6200.10 million for the quarter ended June 30, 2006. Total Income has increased from Rs 60496.60 million for the quarter ended June 30, 2006 to Rs 92814.20 million for the quarter ended June 30, 2007.
The company has reported an Earnings Per Share (EPS) of Rs.8.61 for quarter ended June 30, 2007 compared to Rs.6.96 reported in the quarter ended June 30, 2006.
The Sangli Bank Ltd has merged with ICICI Bank Ltd effective April 19, 2007 as per RBI’s Order dated April 18, 2007 as per the order of Reserve Bank of India (RBI) dated April 18, 2007. Pursuant to the merger of Sangli Bank with ICICI Bank Ltd the shareholders of Sangli Bank were allotted 3455008 equity shares of Rs 10.00 each on May 28, 2007. The merger has been accounted for as per the purchase method of accounting in accordance with the scheme of amalgamation.
The Bank issued 61923519 equity shares of Rs 10.00 each to Qualified Institutional Bidders and Non-Institutional Bidders at a price at Rs 940.00 per share and shares aggregating to Rs 87500.00 million on July 05, 2007. The green shoe option in this option in this public issue of equity shares has not yet been exercised.
The Bank also issued 49949238 American Depository Shares (ADS) including green shoe option of 6497462 ADS$ at US$ 49.25 per share, representing 99898476 underlying equity shares of Rs 10.00 each, aggregating to Rs 99236.40 million on July 05, 2007.
The capital adequacy ratio of the bank stood at 11.03% during quarter ended June 30, 2007 compared to 12.46% during quarter ended June 30, 2006.
USD 750 million (Rs 30528.70 million) of foreign currency bonds raised for Upper Tier II capital have been excluded from the above capital adequacy ratio (CAR) computation, pending clarification required by RBI regarding certain terms of those bonds. If these bonds were considered as tier II capital, the CAR would be 12.05%.
The stock closed on Friday at Rs.985.15, down by Rs.4.40 or 0.44%. The total traded quantity was 726554 compared to 2 week average of 665146. The stock hit an intraday high of Rs.1003 and low of Rs.981.05.
