ICICI Q1 net up 17%,meets forecast

ICICI Bank India's No. 2 lender,posted a 17 percent rise in quarterly net profit.

ICICI Bank India’s No. 2 lender,posted a 17 percent rise in quarterly net profit,meeting forecasts,on strong corporate and retail loan demand in a rapidly growing economy.

Indian banks including bigger rival State Bank of India are seeing an improvement in asset quality as consumer loan defaults slow in an economy forecast to grow about 8.5 percent in the current year ending next March.

ICICI said its net profit in April-June,its fiscal first quarter,rose to 10.26 billion rupees ($221 million) from 8.78 billion a year earlier. A Reuters poll of analysts had forecast net profit of 10.30 billion rupees.

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Bank credit in India grew an annual 21.7 percent in early July,according to central bank data,amid a rise in business and consumer confidence,from a low of 9.7 percent last October and compared with 16.7 percent at end-March.

Shares in ICICI Bank,valued at nearly $22 billion,have risen 3 percent this year,roughly in line with a 2 percent gain in the main Mumbai market but underperforming a 15 percent jump in the sector index.

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