ICICI Q2 profit up 21.8%

Oct 29, 2010 |

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Mumbai, Oct. 29: ICICI Bank on Friday reported 21.8 per cent growth in consolidated profit at `1,395 crore for the second quarter this fiscal on the back of a surge in corporate lending and reduction in bad loans.

The lender, which bought Bank of Rajasthan in August, had posted a net profit of `1,145-crore in the same period last fiscal.

Corporate loans grew 30 per cent, led by infrastructure financing and working capital advances, ICICI Bank CEO, Ms Chanda Kochhar, said.

The total advances of the bank grew by only 5.3 per cent to `1,94,201 crore as retail loans remained flat.

The flat growth in retail loans put an end to nine-month sliding in the segment after the bank’s started going slow on new advances in the aftermath of the global slowdown.

“From here on, the retail segment will grow,” Ms Kochhar said.

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