ICICI net up, loans in rebound | business | Hindustan Times
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ICICI net up, loans in rebound

business Updated: Oct 31, 2009 01:16 IST

The country’s second largest lender, ICICI Bank, clocked a 2.6 per cent jump in its net profit in Q2 FY 10 and expects its loan growth to pick up and slippages to decline in the latter half of the fiscal.

ICICI Bank's net profit in Q2 rose marginally to Rs 1,040 crore from Rs 1,014 crore a year-back.

The lender is continuing the process of reducing retail unsecured loans to 6-7 per cent of its total advances by end-fiscal in a bid to enhance its asset quality, its Managing Director & CEO, Chanda Kochhar, said.

“We continue to bring down our unsecured loan portfolio ... It is expected to come down to 6-7 per cent of total advances by the end of this year,” she said.

Moving ahead, the bank sees double-digit growth in certain loan portfolios like home- and car-loans and project finance, as there is a pick up in economic activities, Kochhar said while announcing the results.