ICICI Bank Q3 net up 30.5% at Rs 1,437 cr; beats forecast
MUMBAI: ICICI Bank Ltd , India's second-largest lender, posted a 30.5 percent growth in quarterly net profit on Monday, beating expectations, on growing demand for credit and rising fee income.
ICICI Bank and its rivals State Bank of India and HDFC Bank are seeing a surge in loan demand and asset quality improvement in an economy growing at 8.5 percent, the fastest pace among major Asian economies after China.
Shares in ICICI were trading up 1.7 percent at Rs 1,084 in afternoon trade in the BSE that was up 0.7 percent. Rival State Bank of India was up 3.7 percent after it beat quarterly profit estimates on Saturday.
Net profit at ICICI Bank rose to Rs 1,440 crore ($316 million) in the quarter that ended on Dec. 31, its fiscal third quarter, from Rs 1100 crore a year earlier. Net interest income rose 12 percent to Rs 2,310 crore.
ICICI Bank's consolidated net profit was up 77.5% to Rs 2,039 crore in third quarter of FY'11 from Rs 1,149 crore in October-December period a year ago.
A Reuters poll of analysts had forecast net profit of Rs 1,350 crore on net interest income of Rs 2,290 crore.
ICICI Bank said its advances grew 15 percent to Rs 2.07 trillion ($45 billion) as of end-December.
The bank's net non performing asset ratio dropped to 1.16 percent as of end-December from 2.19 percent a year ago. The net non performing advances to net advances ratio was 1.4 percent at end-December.
State Bank of India on Saturday posted a better-than-expected quarterly profit and forecast 20 percent to 22 percent loan growth in fisc! al 2012 on increasing fee income and loan offtake, and reduction in bad loans.
ICICI Bank and its rivals State Bank of India and HDFC Bank are seeing a surge in loan demand and asset quality improvement in an economy growing at 8.5 percent, the fastest pace among major Asian economies after China.
Shares in ICICI were trading up 1.7 percent at Rs 1,084 in afternoon trade in the BSE that was up 0.7 percent. Rival State Bank of India was up 3.7 percent after it beat quarterly profit estimates on Saturday.
Net profit at ICICI Bank rose to Rs 1,440 crore ($316 million) in the quarter that ended on Dec. 31, its fiscal third quarter, from Rs 1100 crore a year earlier. Net interest income rose 12 percent to Rs 2,310 crore.
ICICI Bank's consolidated net profit was up 77.5% to Rs 2,039 crore in third quarter of FY'11 from Rs 1,149 crore in October-December period a year ago.
A Reuters poll of analysts had forecast net profit of Rs 1,350 crore on net interest income of Rs 2,290 crore.
ICICI Bank said its advances grew 15 percent to Rs 2.07 trillion ($45 billion) as of end-December.
The bank's net non performing asset ratio dropped to 1.16 percent as of end-December from 2.19 percent a year ago. The net non performing advances to net advances ratio was 1.4 percent at end-December.
State Bank of India on Saturday posted a better-than-expected quarterly profit and forecast 20 percent to 22 percent loan growth in fisc! al 2012 on increasing fee income and loan offtake, and reduction in bad loans.
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