ICICI Q2 net rises 22

Aided by higher income from interest and investments and lower provisions for bad loans,ICICI Bank,the largest private sector bank in the country has posted a 22 per cent rise in the September quarter net profit to Rs 1,503 crore from Rs 1,236 crore in the year-ago period.

The bank also reported a 43 per cent year-on-year increase in consolidated profit after tax to Rs 1,992 crore for the quarter from Rs 1,395 crore for the quarter ended September 2010. The net interest income NII grew nearly 14 per cent to Rs 2,506 crore from Rs 2,204 crore,while the fee income rose 7 per cent to Rs 1,700 crore from Rs 1,590 crore. Provisions decreased 50 per cent to Rs 319 crore in Q2-2012 from Rs 641 crore in Q2-2011. ICICI Bank shares closed 0.26 per cent lower at Rs 930.50 on the BSE.

The banks deposits rose to Rs 245,092 crore as on September 30,2011 from Rs 223,094 crore in the last year. Advances increased by 20 per cent year-on-year to Rs 233,952 crore at September 30,2011 from Rs 194,201 crore. Total income basis increased to Rs 9,897.17 crore during the quarter from Rs 7,887.03 crore. On the better-than expected numbers,MD and chief executive Chanda Kochhar said,Our loan growth was diversified in the September quarter,being led by corporate loan book which grew nearly 30 per cent,primarily driven by working capital advances.