ICICI Q2 net zooms 22% | business | Hindustan Times
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ICICI Q2 net zooms 22%

ICICI Bank, India’s second largest bank, on Wednesday announced a 22% year-on-year rise in its standalone net profit at Rs 1,503 crore for the quarter ended September compared to Rs 1,236 crore in the corresponding quarter last year on the back of healthy growth in interest income and lower provisions for bad loans. HT reports.

business Updated: Oct 31, 2011 23:29 IST
HT Correspondent

ICICI Bank, India’s second largest bank, on Wednesday announced a 22% year-on-year rise in its standalone net profit at Rs 1,503 crore for the quarter ended September compared to Rs 1,236 crore in the corresponding quarter last year on the back of healthy growth in interest income and lower provisions for bad loans.

“Loan growth is driven by healthy demand by corporate while there is a gradual moderation in retail loans,” said Chanda Kochhar, managing director and chief executive officer, ICICI Bank.

On a consolidated basis, ICICI Group’s net profit increased by 43 % to Rs 1,992 crore during the second quarter from Rs 1,395 crore in the same period a year ago.http://www.hindustantimes.com/Images/HTEditImages/Images/01_11_biz1.jpg

The bank has not taken the decision to hike interest on saving deposits. “We will watch the market and then take decision,” said Kochhar. She also added that the bank would not hike lending rates immediately, as there is no shortage of liquidity in the system.

Net interest income (the difference between interest earned and interest paid) of the bank, grew by 14% to R2,506 crore during the quarter.

Advances increased by 20% year-on-year to Rs 233,952 crore from Rs 194,201 crore at September 30, 2010.

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