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ICICI Bank (NYSE: IBN) reported impressive numbers last week -- highlights for Q4 and FY2006:

- Profit after tax for FY2006 increased 27% to Rs. 2,540 crore (US$ 569 million) from Rs. 2,005 crore (US$ 449 million) for the year ended March 31, 2005 (FY2005).
- Net interest income increased 48% to Rs. 4,187 crore (US$ 938 million) for FY2006 from Rs. 2,839 crore (US$ 636 million) for FY2005.
- Fee income increased 55% to Rs. 3,259 crore (US$ 730 million) for FY2006 from Rs. 2,098 crore (US$ 470 million) for FY2005.
- Profit after tax for the quarter ended March 31, 2006 (Q4-2006) increased 29% to Rs. 790 crore (US$ 177 million) from Rs. 615 crore (US$ 138 million) for the quarter ended March 31, 2005 (Q4-2005).
- Total assets increased by 50% to Rs. 251,389 crore (US$ 56.3 billion) at March 31, 2006 from Rs. 167,659 crore (US$ 37.6 billion) at March 31, 2005.
- Total advances increased by 60% to Rs. 146,163 crore (US$ 32.8 billion) at March 31, 2006 from Rs. 91,405 crore (US$ 20.5 billion) at March 31, 2005.
- Deposits increased 65% to Rs. 165,083 crore (US$ 37.0 billion) at March 31, 2006 from Rs. 99,819 crore (US$ 22.4 billion) at March 31, 2005.
- At March 31, 2006, the Bank’s net non-performing assets constituted 0.71% of customer assets against 2.03% at March 31, 2005. (Yahoo)

Key Points:

- ICICI Bank’s rural banking initiative growing at a tremendous rate. The rural and agri-business portfolio more than doubled to $3.7 Billion from $1.7 billion.

- Net customer assets increased 55% to $34.1 billion from $21.9 billion a year ago.

- The bank operates in 12 countries internationally.


- Net non-performing assets declined 0.71%
from 2.03%.

I am going to look into building a position in ICICI Bank (NYSE: IBN) on any weakness.

IBN 1-yr chart:

Source: India's ICICI Bank Looks Increasingly Impressive (IBN)