ICICI Bank Q2 net up 33%, beats forecast
India’s second-largest bank, ICICI Bank, reported a 33 per cent rise in quarterly net profit on Friday, beating forecasts and helped by growing demand for loans in the booming economy.
The bank, which is also listed in New York, , said net profit in July-Spetember, its fiscal second quarter, was Rs 1003 crore ($252 million), up from Rs 755 crore a year ago.
That compares with a forecast of a 23 per cent rise in net profit to Rs 928 crore, according to a Reuters poll of 11 brokerages.
Unlike a number of U.S. and European banks and some Asian peers, Indian lenders are believed to have little or no exposure to problems in the U.S. subprime mortgage lending market, which have hammered many financials firms earning.
During the quarter, ICICI Bank’s shares rose 11.3 per cent, while the Mumbai market’s banking index and the benchmark index rose 18 per cent.
