The ICCI Bank, the Indian banking giant now present in Sri Lanka with a Colombo branch, has posted strong results in the first quarter of the current financial year ended June 30, 2008.

Highlights of the audited accounts published in a news release issued by the bank includes:

• Core operating profit (operating profit excluding treasury) for Q1- 2009 increased 74% to Rs. 2,308 crore (US$ 536 million) from Rs. 1,330 crore (US$ 309 million) for the quarter ended June 30, 2007

(Q1-2008).

• Net interest income increased 41% to Rs. 2,090 crore (US$ 486 million) for Q1-2009 from Rs. 1,479 crore (US$ 344 million) for

Q1- 2008.

• Fee income increased 37% to Rs. 1,958 crore (US$ 455 million) for Q1-2009 from Rs. 1,428 crore (US$ 332 million) for Q1-2008.

• Sharp increase in interest rates and adverse market conditions during the quarter had a negative impact of Rs. 594 crore (US$ 138 million) on the Bank’s trading portfolio and Statutory Liquidity Ratio (SLR) securities portfolio, and its treasury income in Q1-2009.

• Despite the negative impact on the Bank’s treasury income, profit after tax for Q1-2009 was Rs. 728 crore (US$ 169 million) compared to Rs. 775 crore (US$ 180 million) for Q1-2008.

• At June 30, 2008, ICICI Bank and its subsidiaries had consolidated total assets of Rs. 484,643 crore (US$ 112.6 billion).