As on June 30, 1998, the deposits of ICICI Bank stood at Rs 3,677.84 crore against Rs 2,629.02 crore as on March 31, 1998, while advances were at Rs 1,213.42 crore compared with Rs 1,127.87 crore during the first quarter of 1997-98.

The bank has declared a gross profit of Rs 32.67 crore against Rs 30.10 crore during the corresponding period in the previous year, indicating a marginal increase of about 9 per cent. The bank arrived at a net profit of Rs 16.74 crore after making provisions for taxation, loanlosses and depreciation on investments to the tune of Rs 11.92 crore. The bank has followed the prudent policy of projecting likely non-performing assets (NPAs) and depreciation on investments during the year and has made adequate provisions on a pro-rata basis. The ICICI Bank scrip did not, however, react to the announcement of the bank's Q1 results. The scrip, which opened at Rs 40, touched an intra-day high of Rs 40.95 before falling to Rs 39.05. The scrip finally closed at Rs 39.50.

The bank's networth stood at Rs 283.49 crore as on June 30, 1998. The bank raised subordinated unsecured redeemable non-convertible debentures aggregating to Rs 100 crore under Tier-II capital during the quarter under review. It was, therefore, able to prop up its capital adequacy ratio to a comfortable level of 14.94 per cent.