ICICI Bank profit rises 21 percent

Mumbai, April 26 (IANS) India’s second largest lender ICICI Bank Friday said its net profit increased 21 percent to Rs.2,304.07 crore for the quarter ended March 31, 2013 on the back of higher earnings from loans.

The bank posted a net profit of Rs.2,304.07 crore for the January-March period, as compared to Rs.1,901.76 crore recorded in the like period of last year, registering an year-on-year growth of 21.15 percent.

The company’s total income increased to Rs.12,573.52 crore in the fourth quarter of 2012-13 as compared to Rs.11,403.10 crore recorded in the same period of previous year, the private sector bank said in a statement.

For the financial year 2012-13, the bank has posted a net profit of Rs.8,325.47 crore as compared to Rs.6,465.26 crore recorded in the previous financial year, registering an increase of 29 percent.

The bank’s net interest margin increased by 38 basis points from 2.73 percent in financial year 2011-12 to 3.11 percent in 2012-13.

The bank has grown its retail disbursements, with mortgage and auto loan disbursements increasing by about 66 percent and 22 percent year-on-year, respectively, ICICI Bank statement said.

The share price of ICICI Bank, however, dropped 2.82 percent to Rs.1,144.30 at the Bombay Stock Exchange.

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