SBI on track with qurterly net profit of 37 per cent; ICICI Bank exceeds expectations with 3.7 per cent

State Bank of India, the largest public bank and the its second ranked private sector rival ICICI Bank announced their third quarter results today. While SBI has done extremely well with 37 per cent rise in  third quarter profits as analysts had anticipated, ICICI Bank with just 3.4 per cent rise in profit, performed above expectaions.
 
This is because while the high profile ICICI Bank fared worse in the financial credit crisis, than its more conservative rival, which has withstood it fairly well.

SBI posted a net profit of Rs2,478.42 crore for the quarter ended 31 December 2008, the Rs1,808.64 crore that it had for the quarter ended 31 December, 2007. SBI's total income was Rs21,255.9 crore for the period, compared to Rs15,364 crore in in the third quarter in 2007.

ICICI Bank, India's second-largest lender and the country's largest privat sector bank, reported an unexpected 3.4 per cent rise in quarterly net profit, as earnings from fees and bond trading offset slowing credit growth and a rise in bad loans. ICICI Bank, has posted a Rs1,272.18 crore net profit for the quarter ended 31 December, 2008, as compared to Rs1,230 crore in the year-ago period, showing a rise of 3.41 per cent

The total income of the bank during the quarter grew to Rs10,351 crore against Rs10,338 crore in the same period of 2007-08.