ICICI Bank net rises 25 per cent, meets forecast
India's second-largest lender, ICICI Bank, on Saturday reported a 25 per cent rise in quarterly net profit, meeting forecasts and helped by growing demand for loans in the expanding economy.india Updated: Jul 21, 2007 13:28 IST
India's second-largest lender, ICICI Bank, on Saturday reported a 25 per cent rise in quarterly net profit, meeting forecasts and helped by growing demand for loans in the expanding economy.
The bank, which is also listed in New York, said its net profit for the April-June quarter was 7.75 billion rupees, up from 6.20 billion rupees a year ago.
A Reuters poll of 10 brokerages and analysts had forecast 24.6 per cent rise in net profit to 7.7 billion rupees.
Total income for the quarter was 92.81 billion rupees, up from 60.49 billion rupees a year ago.
Analysts are upbeat about India's banking sector, but there are concerns about loan defaults after official interest rates were raised five times between June 2006 and March this year.
Analysts also optimistic on the prospects for ICIC Bank, which raised an Indian record $4.9 billion in share sales last month.
Shares in ICICI Bank rose 12 percent during the April-June quarter, lagging the 22.4 percent rise in the banking index of the Mumbai exchange but matching the 12.1 percent rise in the benchmark index.
Shares in rival State Bank of India rose 54 percent in the quarter.