ICICI Bank Q3 profit nets Rs 1437 crore
The third-quarter results broke all expectations with net profit shooting up by Rs 1440 crore ($316 million) in the quarter that ended on Dec. 31, 2010. It was a mere Rs 1100 crore a year earlier. Net interest income rose 12 percent to Rs 2,310 crore.
ICICI Bank said its advances grew 15 percent to Rs 2.07 trillion ($45 billion) as of end-December.
"Bank has posted a net profit of Rs.14,370.20 million for the quarter ended Dec 31, 2010 as compared to Rs.11,010.60 million for the quarter ended Dec 31, 2009," the company said in a regulatory filing. The bank's net non performing asset ratio dropped to 1.16 percent as of end-December from 2.19 percent a year ago. The net non performing advances to net advances ratio was 1.4 percent at end-December.
ICICI Bank saw improved earnings along with industry rivals State Bank of India and HDFC Bank. The bank's scrip in the afternoon trading at the Bombay Stock Exchange (BSE) went up by 1.52 percent at Rs.1,082.
(With inputs from ANI)