ICICI Bank standalone net profit up 36 per cent in Q1
27 Jul 2012
The country's leading private sector lender, ICICI Bank has reported a 36.3-per cent rise in quarterly profit of Rs1,815 crore on a standalone basis for the first quarter ended 30 June, beating market estimates, posting its strongest growth in more than a year.
Driven by healthy loan growth and net interest margins, the bank had posted a net profit of Rs1,332 crore for the same period of previous quarter. It has posted a 22 percent rise in advances of Rs2,68,430 crore and a 16 per cent rise in deposits to Rs2,67,794 crore.
Analysts had expected the firm to post a net profit of Rs1,740 crore for the quarter.
The bank's current account plus savings account ratio as a percentage of total deposits declined 1.3 percentage points to 40.6 per cent.
"Our net interest margins on both domestic and international business have improved and our reliance on wholesale deposits is very less," ICICI Bank managing director and CEO Chanda Kochhar said in a conference call.
The bank's domestic net interest margins were at 3.32 per cent and global NIMs stood at 1.6 per cent.