India’s second- largest lender by assets, ICICI Bank has reported a higher than expected 36 per cent rise in its net income during the first quarter of the financial year.
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.
Shares of ICICI rose 2 percent to 925.15 rupees this afternoon at the time of reporting on the BSE. The shares have risen by an impressive 35 percent this year, which is higher than 9 percent gain in the benchmark BSE India Sensitive Index as well as 27 percent advance in the Bankex index.