India’s largest private sector lender ICICI Bank on Friday announced 30% year-on-year increase in its net profit at Rs 1,332 crore for the quarter ended June 2011 from Rs 1,026 crore for the quarter ended June 2010 driven by strong loan growth.
Consolidated net profit of the bank rose nearly 53% to Rs 1,666 crore during the quarter against Rs 1,091 crore in the same quarter year ago. Net interest income increased 21% to Rs 2,411 crore during the quarter from Rs 1,991 crore in same quarter year ago, while fee income increased 12% to Rs 1,578 crore during the quarter from Rs 1,413 crore same quarter previous year.
“Growth will come more from corporate side rather than retail. Currently retail is more sensitive to interest rate hikes,” said Chanda Kochhar, managing director and CEO, ICICI Bank.