ICICI net profit up 30.2 percent, beats forecast
MUMBAI (Reuters) - India's No. 2 lender ICICI Bank(ICBK.NS) posted a forecast-beating 30.2 percent rise in third quarter net profit, led by strong loan growth and fee-based income, it said on Friday.
The bank posted a net profit of 22.5 billion rupees in October-December, compared with 17.28 billion rupees a year earlier. Net interest income, or the difference between income earned and interest expended, rose 29 percent to nearly 35 billion rupees.
Analysts, on average, had estimated net profit of 20.8 billion rupees, according to Thomson Reuters I/B/E/S.
Net non-performing loans at the bank stood at 0.76 percent of its total assets compared with 0.83 percent a year earlier.
Net interest margin, a key gauge of profitability for banks, improved by 37 basis points to 3.07 percent in the December quarter compared with a year earlier.
(Reporting by Swati Pandey; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
- Alibaba surges 38 pct on massive demand in market debut
- UPDATE 3-Ebola lockdown brings Sierra Leone capital to a halt
- Eight bodies found after attack on Guinea Ebola education team
- UPDATE 9-Scots spurn independence in historic vote, devolution battle begins
- Scots spurn independence in historic vote, devolution battle begins
India has capped the prices of 36 drugs, including those used to treat infections and diabetes, in its latest move to make essential medicines more affordable, a senior official of the country's drug pricing authority told Reuters on Friday. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article