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ICICI Bank Q2 net profit up 20% at Rs. 23.5 bn

Reuters  Mumbai, October 25, 2013
First Published: 12:58 IST(25/10/2013) | Last Updated: 16:20 IST(25/10/2013)

ICICI Bank Ltd, India's largest private-sector lender by assets, posted a 20.1% rise in second-quarter profit, beating analyst estimates, led by higher credit growth and income from fees.

Net profit for July-September was 23.5 billion rupees ($382.63 million) compared with 19.6 billion a year earlier, the bank said on Friday. Net interest income, or the difference between interest earned and paid, rose about 20% to 40.4 billion rupees.

The mean profit estimate of 23 analysts was 21.9 billion rupees, according to Thomson Reuters I/B/E/S.

Net interest margin, a gauge of profitability for banks, expanded to 3.31% during the quarter from 3% a year earlier.

Net non-performing loans, as a percentage of total assets, rose to 0.85% from 0.82% in the prior quarter.

($1 = 61.4175 rupees)

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