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ICICI Bank, Sri Lanka branch's PBT up 54 percent

ICICI Bank's Sri Lanka branch operations recorded a profit before tax of Rs.312 million for the financial year ended March 31, 2009, reflecting a growth of 54 percent over the previous year's profit before tax of Rs. 201 million.

The branch recorded a profit after tax of Rs.189 million for the financial year ended March 31, 2009 compared to Rs.169 million for the previous year.

Given the challenging economic environment during the year, the Bank pursued a strategy of prioritizing capital conservation and liquidity management. This is reflected in the Bank's strong capital adequacy and excess liquidity.

The Bank also placed a strong emphasis on efficiency improvement and cost rationalization.

The ratio of Non Performing Loans to Gross Lending Portfolio stood at 0.89 percent while the Net Non Performing Ratio was at 0.81 percent as at March 31, 2009.

The Core Capital Adequacy Ratio as at March 31, 2009, as per Central Bank guidelines on Basel II norm was 76.69 percent and the Total Capital Adequacy Ratio was 77.62 percent giving the Bank ample opportunity to grow its operations in Sri Lanka.

Country Head of ICICI Bank, Sri Lanka branch Prem Thampi said, "We have been carefully navigating our business in Sri Lanka by de-risking our balance sheet and cost rationalization.

We would continue to focus our attention on customer acquisition, deposit mobilization and offering new product and services in this market".

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