Indian banking major ICICI Bank announced 36 percent growth in deposits. ICICI Bank increased its banking network with addition of 350 branches. However the growth in advances was lower at 19% compared to 35% for FY07. The bank declared robust growth numbers for the quarter. The bank has dropped the idea of infrastructure fund. The demand for such funds is still high in India. Recently Reliance Mutual funds got a good response from investors for Natural Resources fund. Infrastructure and Power are among fast growing sector in India.

ICICI Bank has recently applied for a license to setup a non-banking financial company. ICICI Bank posted a net profit of Rs 1150 crore for Q4 compared to Rs 825 crore for the same quarter previous year.

Technical Analysts were expecting ICICI Bank to post a net profit around Rs 915 crore. The stock price had tumbled recently when news about subprime exposure of Indian bank came out.

The bank has made provisions amounting to Rs 180 crore for mark-to-market losses from Credit Derivate Obligations and CLN portfolio. Chanda Kochhar, Joint MD at ICICI Bank said during a recent interview that the banking sector may see decent growth for the next two quarters.