ICICI maintains dividend

By Our Special Correspondent

MUMBAI, APRIL 28. ICICI has reported a net profit of Rs. 395 crores for the fourth quarter ended March 31, 2000, against Rs. 280 crores, up by 41 per cent. The financial institution has maintained the total dividend at 55 per cent for 1999-2000. It had already paid an interim dividend of 45 per cent on March 17.

During the year, the profit before tax and provisions increased by 28 per cent to Rs. 2,018 crores from Rs. 1,574 crores in the previous year. Notwithstanding the enhanced provisions and write- offs of Rs. 690 crores (Rs. 478 crores), the net profit amounted to Rs. 1,206 crores against Rs. 1,001 crores, representing an increase of 21 per cent.

ICICI's net NPA ratio declined to 7.6 per cent as at March 31, 2000 from 8.1 per cent last year. Addressing a press conference here today, Mr. K.V. Kamath, Managing Director and CEO of ICICI, said ICICI continued to focus on its initiatives in respect of recovery and settlements of problem cases. During the year under review, ICICI settled dues aggregating Rs. 515 crores from 112 cases (Rs. 380 crores from 100 cases).

During the year, ICICI's approvals increased by 37 per cent to Rs. 44,479 crores from Rs. 32,371 crores previously. Its disbursements have increased by 34 per cent to Rs. 25,836 crores from Rs. 19,225 crores. While the infrastructure and oil and gas sectors aggregated 42 per cent and 36 per cent of approvals and disbursements respectively, non-project corporate finance assistance accounted for 41 per cent and 47 per cent of approvals and disbursements respectively.

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Section  : Business
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