Leading private sector bank, ICICI Bank has reported an increase of 36 per cent in profits during the first quarter of the financial year till 30 June, 2012.
The net income of the bank rose to 18.2 billion rupees during the quarter till June 30, from 13.3 billion rupees in the same quarter of the previous year, it said in a filing with the Bombay Stock Exchange (BSE). The analysts were expected the bank to report a net income of 17.4 billion rupees for the quarter.
Chief Executive Officer Chanda Kochhar is aiming to expand the credit of the bank by about 20 per cent this year, which is higher than industry estimate of about 18 per cent. The Net interest income of the bank during the quarter rose 32 percent to 31.9 billion rupees and its non- interest income rose 14 per cent to 18.8 billion rupees.
The net interest margin rose 3.01 percent during the quarter from 2.61 percent a year earlier. Its total bad loans fell to 0.61 percent from 0.91 percent a year earlier, the bank said in a statement.
Other banks in the country including Punjab National Bank and Bank of India have also recorded double digit growth in profits for the quarter.
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