Advertisement

HindustanTimes Wed,17 Sep 2014

ICICI Bank net up by a record 30%

HT Correspondent, Hindustan Times  Mumbai, October 26, 2012
First Published: 21:07 IST(26/10/2012) | Last Updated: 21:09 IST(26/10/2012)

India's second-largest lender ICICI Bank on Friday beat market expectations with a 30% year-on-year rise in standalone profit at Rs. 1,956 crore for the July-September quarter - its highest ever for a quarter - against Rs. 1,503 crore a year ago, driven by a healthy growth in loans.

Advertisement

"Credit growth has been 18% on a year-on-year basis for this quarter, which is quite diversified," said Chanda Kochhar, managing director and CEO, ICICI Bank.

The bank's advances increased by 18% at Rs. 275,076 crore compared to Rs. 233,952 crore a year ago.

Net interest income (the difference between interest earned and interest paid) of the bank grew by 35% at Rs. 3371 crore, while non-interest income grew by 17% at Rs. 2,043 crore.

Net interest margin (NIM), a measure of a bank's profitability, improved to 3% for the quarter ended September from 2.6% for the same quarter last year.

"Our target is to at least maintain the margin at 3% in fact we would look to improving margins," said Kochhar.

Rise in bad loans forced the bank to make higher provisioning at Rs. 508 crore compared to Rs. 319 crore a year ago.

"The bank has delivered another good set of numbers, both on the operating level as well as on asset quality," said Vaibhav Agrawal, vice-president, research, Angel Broking.


Advertisement
more from Banking

CCEA gives nod for IDFs to take over bank loans

In a move that could boost the cash-starved infrastruc­ture sector, the Cabinet Committee on Economic Affairs on Tuesday gave its clearance for infrastructure debt funds (IDFs) to take over existing bank loans.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved