Friday, 25 October 2013

ICICI Bank Q2 PAT up 20% at Rs 2,352 crore

ICICI Bank Ltd, country's largest private-sector lender by assets, beat analyst estimates by posting quarterly profit gain of around 20.1 per cent, as an appetite for cars and homes led to higher credit growth. 

ICICI is trying to emulate the success of rival HDFC Bank Ltd with a renewed push into consumer loans as demand from the corporate sector slows in tandem with the economy. 

Net profit rose to Rs 2350 crore ($382.63 million) in July-September from a year earlier. That compared with a Rs 2190 crore estimate of 23 analysts polled by Thomson Reuters. 

Net interest income, or the difference between interest earned and paid, rose about 20 per cent to Rs 4040 crore, the bank said on Friday. 

Shares of ICICI, which the market values at $19 billion, fell 17.5 per cent in the September quarter, in line with the broader bank index. They were down 0.16 per cent at 0744 GMT, compared with the benchmark's 0.31 per cent. 

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