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Business News/ Companies / Company-results/  ICICI Bank profit rises 21%; meets Q4 forecasts
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ICICI Bank profit rises 21%; meets Q4 forecasts

ICICI bank posted a net profit of `2,304 cr for the Jan-Mar quarter, compared with `1,902 cr a year earlier

Net interest income, or the difference between income earned and interest expended, rose 22% to nearly Rs3,803 crore. Photo: Mint (Mint)Premium
Net interest income, or the difference between income earned and interest expended, rose 22% to nearly Rs3,803 crore. Photo: Mint
(Mint)

Mumbai: ICICI Bank Ltd’s standalone net profit rose 21% in the fourth quarter, in line with expectations, thanks to an increase in net interest income.

Profit rose to 2,304 crore, or 19.87 per share, in the January-March period from 1,902 crore, or 16.46 per share, in the year earlier. Profit was in line with a Bloomberg estimate of 2,301 crore.

Net interest income (NII), the difference between interest earned from loans and that paid for deposits, swelled by 22% to 3,803 crore from 3,105 crore. Other income slipped to 2,208 crore from 2,228 crore.

Advances rose 18%, slightly higher than the 16% increase in advances for the banking system.

ICICI Bank was down 2.87% at 3.10pm on the BSE, while the benchmark Sensex was down 0.73% and the Bankex declined 1.53%.

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Published: 26 Apr 2013, 02:45 PM IST
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