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ICICI Bank net rises 25%, meets forecast

ICICI Bank net rises 25%, meets forecast
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First Published: Sat, Jul 21 2007. 01 26 PM IST
Updated: Sat, Jul 21 2007. 01 26 PM IST
Mumbai: India’s second-largest lender, ICICI Bank, on 21 July reported a 25% rise in quarterly net profit, meeting forecasts and helped by growing demand for loans in the expanding economy.
The bank, which is also listed in New York, said its net profit for the April-June quarter was Rs7.75 billion, up from Rs6.20 billion a year ago.
A Reuters poll of 10 brokerages and analysts had forecast 24.6% rise in net profit to Rs7.7 billion.
Total income for the quarter was Rs92.81 billion, up from Rs60.49 billion a year ago.
Analysts are upbeat about India’s banking sector, but there are concerns about loan defaults after official interest rates were raised five times between June 2006 and March this year.
Analysts also optimistic on the prospects for ICIC Bank, which raised an Indian record $4.9 billion in share sales last month.
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First Published: Sat, Jul 21 2007. 01 26 PM IST