MUMBAI Oct 26 India's No. 2 lender ICICI Bank
Ltd posted a forecast-beating 30 percent rise in
second quarter net profit, bolstered by strong loan growth and
higher fee-based income, it said on Friday.
The bank posted its highest ever quarterly net profit of
19.56 billion rupees ($364.4 million) in July-September,
compared with 15.03 billion rupees a year ago. Net interest
income, or the difference between income earned and interest
expended, rose 35 percent to 33.71 billion rupees.
Analysts, on average, had estimated net profit of 18.8
billion rupees, according to Thomson Reuters I/B/E/S.
Net non-performing loans at the bank stood at 0.78 percent
of its total assets compared with 0.93 percent a year ago. Net
interest margins, a key gauge of profitability for banks, was
steady at 3 percent.
($1 = 53.6750 Indian rupees)
(Reporting by Swati Pandey; Editing by Daniel Magnowski)