ICICI Bank has posted a net profit of Rs 522 crore [Rs 5.22 billion ($116 million)] for the year ended March 2004, under the US GAAP (United States Generally Accepted Accounting Principles), as against a net loss of Rs 798 crore [Rs 7.98 billion ($177 million)] in 2002-03.
As per the US GAAP norms, the profits before provisions against loans, investments, taxation and effects of accounting charges, stood at Rs 2,451 crore [Rs 24.51 billion ($545 million)] for FY04 as against Rs 1,122 crore [Rs 11.22 billion ($249 million)], ICICI Bank said in a release on Saturday.
The board at meeting held today approved the audited US GAAP accounts for the year ended March 31, 2004.