ICICI Bank Q1 net up by 17%

MUMBAI: Country's second-largest lender, ICICI Bank, on Saturday posted a 17 percent rise in its quarterly earnings, beating forecasts, riding on strong loans demand from individuals and companies expanding capacity.

The bank said net profit rose to RS 620 crore in the April-June quarter, from Rs 530 crore a year earlier.

A Reuters poll of 10 analysts forecast a 12.36 percent rise in net profit at Rs 596 crore for the New York-listed bank.   

The banking sector's loans grew 31 percent during the quarter, faster than the central bank's target of 20 percent for the year.

The buoyant loans growth reflected in ICICI Bank's total income rose 50 percent to 63.16 billion rupees, from 42.06 billion rupees a year ago.

Shares in ICICI Bank, underperformed during the June quarter, falling about 17.3 percent, lagging a 5.95 percent drop in the BSE's main index.