ICICI Bank Q4 net up 31 pct, beats forecast

Apr 27, 2012 |

Reuters

mumbai

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ICICI Bank

ICICI Bank, India's No. 2 lender, reported a better-than-expected 31.1 per cent rise in quarterly profit, bolstered by higher income from non-core operations and strong loan growth.

Net profit rose to Rs 19.02 billion in the fiscal fourth quarter ended March from Rs 14.5 billion reported a year earlier, while net interest income increased nearly 24 per cent to Rs 31.05 billion.

Other income, which includes gains from treasury and fees, rose nearly 36 per cent to Rs 22.3 billion, said the bank, which is also listed in New York and competes with State Bank of India and HDFC Bank.

Analysts on average had expected a net profit of Rs 17.3 billion for the bank, according to Thomson Reuters I/B/E/S.

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