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Indian Banks report profit in Q1
Friday, July 27, 2007

India’s booming economy and an upbeat banking sector are precursors to the banks’ reported quarterly profit. The growing demand for loans has been instrumental in registering banks’ profits. Indian Bank reported a growth of 43.67 per cent and a net profit of 28.65 per cent during the first quarter.

ICICI Bank reported a 25 per cent net profit, meeting forecasts while Bank of India topped the list by reporting a profit of 51 per cent.

Other banks that reported profit are Corporation Bank with a 30 per cent growth and HDFC Bank with a net profit of 34 per cent. Better pricing of credit advances and recoveries from non-performing assets (NPAs) helped Bank of India to register a better profit margin than the rest.

The yield on advances for the public sector bank rose by 1.26 per cent from a previous 8.15 per cent. ICICI Bank has also reported a 35 per cent growth despite a slump in the mortgage business.

Its international business and increase in credit cards and personal loans acted as saviors. Its international business made up for 16.5 per cent of its advance books and its credit cards/ personal loans exhibited a hike of 7-8 per cent.

The major revenue generators for the banks were advances, recoveries from Non Performing Assets, fee, non-collateralized portfolios and increase in deposits.

Apart from the private banks, State Bank of India is also likely to report a profit when the annual results are tabled on July 28.

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