ICICI Bank Beats Forecast
Saturday, April 26, 2008 | | |
ICICI Bank, India's second-largest bank, on Saturday reported an above-forecast 39 per cent rise in quarterly net profit, helped by a strong demand for loans.
The country's leading private-sector bank, which is also listed in New York said net profit in January-March, its fiscal fourth quarter, was Rs 11.5 billion, up from Rs 8.25 billion a year ago.
A Reuters poll of analysts had forecast a 10 per cent rise in net profit to Rs 9.07 billion.
The bank said its total income in the March quarter rose to Rs 103.91 billion from Rs 84.95 billion a year ago.
Shares in ICICI Bank, which had fallen 38 per cent in the March quarter, rose 4.5 per cent on Friday to Rs 916.15 on expectations of the results topping forecasts.