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ICICI disbursals up 22 per cent at Rs 192 billion

The Industrial Credit and Investment Corporation of India or ICICI, one of the leading financial institutions of India, has registered an impressive performance in financial year 1998-99.

Aggregated disbursals were up by 22 per cent at Rs 192.25 billion for the year ended March 31, 1999 as against Rs 158.07 billion the previous year.

Approvals aggregated Rs 342.20 billion, up 38 per cent from Rs 247.17 billion the previous year.

Disbursals related to short-term prime rate and medium-term prime rate accounted for 33 per cent of total disbursals. However, long-term funding continues to be the primary activity of the ICICI. The LTPR-related loans account for 52 per cent of total disbursals.

Foreign currency loans were only six per cent of disbursals, reflecting the lower demand for foreign currency funds. The balance nine per cent of total disbursals comprised leasing, deferred credit, line of credit, retail financing and other forms of assistance.

While the infrastructure and oil and gas sectors aggregated 48 per cent and 37 per cent of approvals and disbursals respectively, non-project corporate finance assistances accounted for 30 per cent and 35 per cent of approvals and disbursals respectively.

ICICI's project finance assistance to the traditional manufacturing sector was 19 per cent of total approvals and 25 per cent of total disbursals. During financial year 1998-99, ICICI initiated its foray into retail asset business through the launch of car booking products for new generation cars. It also made a soft launch of car loans and housing loans.

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