Reported By:
| Edited By: |Source: Reuters |Updated: Mar 30, 2018, 04:02 AM IST
ICICI Bank Ltd, India's second-largest lender, posted a 30.5% growth in quarterly net profit on Monday, beating expectations, on growing demand for credit and rising fee income.
ICICI Bank and its rivals State Bank of India and HDFC Bank are seeing a surge in loan demand and asset quality improvement in an economy growing at 8.5%, the fastest pace among major Asian economies after China.
Shares in ICICI were trading up 1.7% at 1,084 rupees in afternoon trade in the Mumbai market that was up 0.7%. Rival State Bank of India was up 3.7% after it beat quarterly profit estimates on Saturday.
Net profit at ICICI Bank rose to Rs14.4 billion rupees ($316 million) in the quarter that ended on December 31, its fiscal third quarter, from Rs11 billion a year earlier. Net interest income rose 12% to Rs23.1 billion.
A Reuters poll of analysts had forecast net profit of Rs13.5 billion on net interest income of Rs22.9 billion.
ICICI Bank said its advances grew 15% to Rs2.07 trillion ($45 billion) as of end-December.
The bank's net non performing asset ratio dropped to 1.16% as of end-December from 2.19% a year ago. The net non performing advances to net advances ratio was 1.4% at end-December.
State Bank of India on Saturday posted a better-than-expected quarterly profit and forecast 20 percent to 22 percent loan growth in fiscal 2012 on increasing fee income and loan offtake, and reduction in bad loans.
