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ICICI Bank net profit up 21%, meets forecasts

By Swati Pandey
April 26, 2013 15:03 IST
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India's No.2 lender, ICICI Bank, posted a 21 per cent rise in fourth-quarter net profit, in line with estimates, led by higher loan growth, it said on Friday.

The bank posted a net profit of about Rs 2,300 crore (Rs 23 billion) for the January-March quarter, compared with Rs 1,902 crore (Rs 19.02 billion) a year earlier.

Net interest income, or the difference between income earned and interest expended, rose 22.5 per cent to nearly Rs 3,800 crore (Rs 38 billion).

Analysts, on average, had estimated net profit of Rs 2,284 crore (Rs 22.84 billion), according to Thomson Reuters I/B/E/S.

Net non-performing loans at the bank stood at 0.77 per cent of its total assets compared with 0.73

per cent a year earlier.

Net interest margin, a key gauge of profitability for banks, stood at 3.11 per cent for the year-ended March compared with 2.73 per cent a year ago, it said in a statement. 

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Swati Pandey in Mumbai
Source: REUTERS
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