ICICI Bank Performance Review -- Year Ended March 31, 2007: 22 Year-on-Year Growth in Profit After Tax.

MUMBAI, India -- The Board of Directors of ICICI Bank Limited (NYSE:IBN) at its meeting held at Mumbai today, approved the audited accounts of the Bank for the year ended March 31, 2007 (FY2007).

Highlights

* Operating profit increased 51 to Rs. 5,874 crore (US$ 1,351 million) for FY2007 from Rs. 3,888 crore (US$ 894 million) for the year ended March 31, 2006 (FY2006).

* Profit after tax increased 22 to Rs. 3,110 crore (US$ 715 million) for FY2007 from Rs. 2,540 crore (US$ 584 million) for FY2006.

* Net interest income increased 41 to Rs. 6,636 crore (US$ 1,527 million) for FY2007 from Rs. 4,709 crore (US$ 1,083 million) for FY2006.

* Fee income increased 45 to Rs. 5,012 crore (US$ 1,153 million) for FY2007 from Rs. 3,447 crore (US$ 793 million) for FY2006.

* Profit before general provisions and tax increased 40 to Rs. 1,369 crore (US$ 315 million) for the quarter ended March 31, 2007 (Q4-2007) from Rs. 975 crore (US$ 224 million) for the quarter ended March 31, 2006.

* Profit after tax for Q4-2007 increased 4 to Rs. 825 crore (US$ 190 million) from Rs. 790 crore (US$ 182 million) for Q4-2006.

* Total advances increased 34 to Rs. 195,866 crore (US$ 45.1 billion) at March 31, 2007 from Rs. 146,163 crore (US$ 33.6 billion) at March 31, 2006.

* Deposits increased 40 to Rs. 230,510 crore (US$ 53.0 billion) at March 31, 2007 from Rs. 165,083 crore (US$ 38.0 billion) at March 31, 2006.

Dividend on equity shares

The Board has recommended a higher dividend of 100 for FY2007 i.e. Rs. 10 per equity share (equivalent to US$ 0.46 per ADS) as compared to 85 for FY2006. The declaration and payment of dividend is subject to requisite approvals. The record/book…