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ICICI Bank Q2 net up 33% on growing loan demand

ICICI Bank Q2 net up 33% on growing loan demand
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First Published: Fri, Oct 19 2007. 05 19 PM IST
Updated: Fri, Oct 19 2007. 05 19 PM IST
Mumbai: ICICI Bank,second-largest bank of the country, reported a 33% rise in quarterly net profit on 19 October, beating forecasts and helped by growing demand for loans in the booming economy.
The bank, which is also listed in New York, said net profit in July-Spetember, its fiscal second quarter, was Rs1003 crore ($252 million), up from Rs755 crore a year ago.
Unlike a number of US and European banks and some Asian peers, Indian lenders are believed to have little or no exposure to problems in the US subprime mortgage lending market, which have hammered many financials firms earning.
During the quarter, ICICI Bank’s shares rose 11.3%, while the Mumbai market’s banking index and the benchmark index rose 18%.
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First Published: Fri, Oct 19 2007. 05 19 PM IST
More Topics: ICICI Bank | Earnings | Results | Loan | Sensex |