Advertisement

HindustanTimes Thu,27 Nov 2014

ICICI Bank Q1 net profit up 17%, beats estimates

Reuters   July 31, 2014
First Published: 14:36 IST(31/7/2014) | Last Updated: 14:38 IST(31/7/2014)

ICICI Bank Ltd, country's second-biggest lender by assets, reported a 17% rise in quarterly profit, beating estimates, helped by loan growth and higher fee income.

Net profit for its fiscal first quarter ended June rose to Rs. 26.55 billion ($440 million) from Rs. 22.74 billion a year earlier, the Mumbai-headquartered bank said on Thursday. Analysts on average had expected a net profit of Rs. 25.73 billion.

Net non-performing loans as a percentage of loans were 0.99% compared with 0.97% in the previous quarter. Net interest income, the difference between interest earned and paid, grew 18% annually to Rs. 44.92 billion in the quarter.

ICICI Bank is the largest private sector lender in India, where nearly two dozen state-run banks account for two-thirds of the assets. ICICI's smaller rival HDFC Bank Ltd last week reported its slowest quarterly earnings growth in more than a decade.


Advertisement
more from Business

Nippon to up Reliance MF stake to 49%; Rs 657 cr for first 9%

Japanese financial services giant Nippon will hike its stake in India's top fund house Reliance Mutual Fund from 26% to 49%, while investing Rs 657 crore for the first tranche of 9%.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved