The bank's board of directors has taken the third-quarter results on recordat its meting held in Mumbai on Wednesday.

The scrip hit the circuit breaker on the Mumbai Stock exchange on the backof significant demand. ICICI Bank shares opened stronger from Tuesday closeof Rs 84.50, and after opening at Rs 86.10, it closed at the days high of Rs91.25. The jump in prices was accompanied by similar increase in volumes,analysts said.

"The bank has been able to maintain the increase in interest income as wellas interest expenditure at 43 per cent to Rs 205 crore and Rs 165 crorerespectively. The increase in net profit for the first nine months of1999-2000 was 64 per cent at Rs 72.36 crore," an ICICI Bank release said.

The net non-performing assets (NPAs) of the bank have come down from 1.80per cent as on March 31, 1999 to 1 per cent as on December 31, 1999. Thebank's balance sheet size also increased significantly with deposits risingsharply by 83.10 per cent to Rs 8,500.17 crore as on December 31, 1999against Rs 4642.32 crore deposit at the same time in previous fiscal. Totaladvances including credit substitutes increased by 51 per cent during thenine months from Rs 2,680 crore to Rs 4,056 crore.

Insight
moving past rivals

ICICI Bank has managed to upstage its closest rival among the private sectorbanks, HDFC Bank, by reporting a faster rate of growth. The significantgrowth has been in treasury and fee-based income by 88 per cent, which hasdriven its profit growth. Equally significant is the fact that despite rapidaddition to assets, net NPAs are down for the quarter and profit after taxis higher by 18 per cent against the earnings in the second quarter.

Aaron Chaze