ICICI Q2 net up 1.1 pct, beats forecast | india | Hindustan Times
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ICICI Q2 net up 1.1 pct, beats forecast

The country's leading private-sector bank said its July-Sept net profit was Rs10.14 billion ($203 million), up from Rs10.03 billion a year ago.

india Updated: Oct 27, 2008 14:10 IST

ICICI Bank, India's second-largest bank, reported a 1.1 per cent rise in quarterly net profit, beating forecasts, as higher other income and lending rates offset investment losses and slowing credit growth.

The country's leading private-sector bank, which is also listed in New York, said July-September net profit was 10.14 billion rupees ($203 million), up from 10.03 billion rupees a year ago.

A Reuters poll of analysts had forecast a 2.3 per cent dip in net profit to 9.80 billion rupees for the fiscal second quarter.

ICICI has borne the brunt of investor concerns about the Indian bank sector's exposure to the global financial crisis. Since the bankruptcy of Lehman Brothers last month, it has repeatedly said it was well-capitalised and deposits were safe.

Earlier, shares in State Bank of India tumbled 13 per cent to 1 year lows on worries about bad debt provisions even after the country's largest bank beat forecasts with a more than 40 per cent rise in net profit.

State-run SBI, which raised $4.1 billion in a rights issue in March, said July-September net profit rose to 22.6 billion rupees from 16.1 billion rupees a year earlier. A Reuters poll of analysts had forecast fiscal second-quarter earnings of 18.70 billion rupees.

Shares in ICICI fell 15 per cent in July-September, lagging the benchmark index's 4.5 per cent drop and the sector index's 9.5 per cent rise.

At Friday's close of 310 rupees, ICICI shares were down 42 per cent in October.