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ICICI Bank's UK subsidiary has registered record profits mainly on account of increased fee income for advisory work on cross border M&A, reports The Economic Times. ICICI Bank UK has raked in a profit after tax of $18.7 million for the first quarter ended June 30, 2007, against $3.7 million in the same quarter the previous year. Its balance sheet has also seen a sharp rise to $6.4 billion from $2.4 billion during the same period.

Apparently, ICICI Bank UK is now one of the most profitable subsidiaries of the country’s largest private bank. The overseas branches of ICICI Bank and State Bank of India have been aggressively funding overseas acquisitions of Indian corporates, says the report.

It quotes Sonjoy Chatterjee, MD & CEO, ICICI Bank UK, said, “A significant portion of the revenues is from advisory fees earned from Indian corporates making overseas acquisitions and also financing these corporates. The last one year has also seen client-related derivative transactions from the Belgium branch." It's not clear which were the big deals ICICI Bank UK had worked on. The bank has six branches in the UK.