'ICICI expects credit growth of 20% in FY12'

'ICICI expects credit growth of 20% in FY12'
Following the strong Q4 FY11 results, ICICI Bank expects to achieve credit growth of at least 20% during FY12, CEO Chanda Kochhar said on Thursday. She even added that presently, the bank is concentrating on keeping the margins of net interest going forward.

An increase of 44% has been reported by ICICI in its quarterly net profit during FY11 due to the increase in the fee income and an increasing demand for loans in the Indian economy. Regarding the financial performance, ICICI bank has posted an increase of 16.85% in the consolidated net profit for the quarter ended March 31, 2011 at Rs. 1,567.93 crore. However, last year for the corresponding period the net profit of the bank stood at around Rs. 1,341.8 crore. Moreover, the current and savings account (CASA) deposit ratio increased to 45.1% at March 31, 2011 from 41.7% at March 31, 2010.

ICICI Bank Limited is a major banking and financial services company based in Mumbai. It is the second largest bank in India and the largest private sector bank in India by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and specialization subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management.

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