ICICI Bank recovered on Thursday on renewed buying support after a recent battering.

By 14:50 IST, the scrip of India's largest private sector bank was the biggest gainer among BSE Sensex stocks, up by 3.26% at Rs 125.10, recording a volume of close to 500,000 shares. In the last seven sessions between 25 April and 7 May 2003, the scrip had shed 11.3% to Rs 119.25 from Rs 134.40.

Dealers said the ICICI Bank scrip staged a smart recovery on good buying support. Earlier, it slipped on selling pressure due to fears of equity dilution in order to raise the bank's capital adequacy ratio. However, the bank later clarified that it has no plans to raise fresh equity capital. Also, the bank's CAR is at a comfortable position at 12% as against the Reserve Bank of India's stipulated 9%.

As per market buzz, CL Securities, Salomon Smith Barney and DSP Merrill Lynch were said to have offloaded the stock in the last few sessions.

Meanwhile, for Q4 ended 31 March 2003, ICICI Bank's net profit jumped by 494% to Rs 337.68 crore (Rs 3.37 billion) on a 233.7% increase in total income to Rs 2,834.44 crore (Rs 28.34 billion). The results beat capitalmarket.com poll projections of a net profit between Rs 187.5 crore (Rs 1.87 billion) to Rs 226 crore (Rs 2.26 billion).

For FY 2002-03, ICICI Bank posted a net profit of Rs 1,206.18 crore (Rs 12.06 billion) on total income of Rs 12,526.88 crore (Rs 125.26 billion).

The results for the year ended 31 March 2003 include the results of the erstwhile ICICI and its subsidiaries ICICI Personal Financial Services and ICICI Capital Services, amalgamated with ICICI Bank with effect from 30 March 2002.

The financials for the current period are, therefore, not comparable with earlier periods. The bank has also recommended a dividend of 75% (Rs 7.50 per share on a face value of Rs 10 per share) for the financial year ended 31 March 2003.

Meanwhile, ICICI Bank's international initiative, launched in FY 2002, is proceeding as planned and it is in the process of operationalising its branch in Singapore and representative office in China. It is awaiting overseas regulatory approval for setting up subsidiaries in the United Kingdom and Canada and a representative office in Dubai. The bank already has representative offices in the United States and the United Kingdom.

BSE code: 532174