ICICI Bank net profit up 21 per cent, meets forecasts - NDTV

New Delhi: India's No.2 lender, ICICI Bank, posted a 21 per cent rise in fourth-quarter net profit, in line with estimates, led by higher loan growth, it said on Friday. The bank posted a net profit of about Rs 2,300 crore  for the January-March quarter, compared with Rs 1,902 crore a year earlier. Net interest income, or the difference between income earned and interest expended, rose 22.5 per cent to nearly Rs 3,800. After the results were announced the bank's shares underperformed. At 14:55 pm, the shares were trading 2.84 per cent lower on the NSE. The Bank Nifty was down 1.53 per cent and BSE Bank Index was down 1.47 per cent. On a consolidated basis the bank's net profit for the fourth quarter was at Rs 2,492 crore against Rs 1,810 crore in the year ago period. Analysts, on average, had estimated net profit of Rs 2,284 crore, according to Thomson Reuters I/B/E/S. Net non-performing loans at the bank stood at 0.77 per cent of its total assets compared with 0.73 per cent a year earlier. Net interest margin, a key gauge of profitability for banks, stood at 3.11 per cent for the year-ended March compared with 2.73 percent a year ago, it said in a statement. Copyright: Thomson Reuters 2013 via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE9hNSFjCVgw_NZ_ej5REgeiDxyIg&url=http://profit.ndtv.com/news/industries/article-icici-bank-net-profit-up-21-per-cent-meets-forecasts-321456

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