» Business » ICICI Bank net profit up 21%, meets forecasts

ICICI Bank net profit up 21%, meets forecasts

By Swati Pandey
April 26, 2013 15:03 IST
Get Rediff News in your Inbox:

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. 

Get Rediff News in your Inbox:
Swati Pandey in Mumbai
© Copyright 2022 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Moneywiz Live!