ICICI Q2 net up 1.1%, beats forecast

ICICI Q2 net up 1.1%, beats forecast


Mumbai: ICICI Bank, India’s second-largest bank, reported a 1.1% rise in quarterly net profit, beating forecasts, as higher other income and lending rates offset investment losses and slowing credit growth.

The country’s leading private-sector bank, which is also listed in New York, said July-September net profit was Rs10.14 billion ($203 million), up from Rs10.03 billion a year ago.

A Reuters poll of analysts had forecast a 2.3% dip in net profit to Rs9.80 billion for the fiscal second quarter.

ICICI has borne the brunt of investor concerns about the Indian bank sector’s exposure to the global financial crisis. Since the bankruptcy of Lehman Brothers last month, it has repeatedly said it was well-capitalised and deposits were safe.

Shares in ICICI fell 15% in July-September, lagging the benchmark index’s 4.5% drop and the sector index’s 9.5% rise.

At Friday’s close of Rs310, ICICI shares were down 42% in October.

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