ICICI beats street expectations; posts sharp growth in bottom line

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ICICI beats street expectations with sharp growth in PAT
ICICI Bank: Quotes, News
BSE 277.70BSE Quote0.2 (0.07%)
NSE 277.40NSE Quote0.2 (0.07%)
ICICI Bank has reported a sharp increase in net profit to Rs 1902 crores, as against Rs 1452 crores in the corresponding period of last year.

The net profit has come in way above street expectations of profits of around Rs 1753 crores. The company's net interest income has come in at Rs 3,104 crores for the fourth quarter of 2011-2012. The bank has reported a gross NPA of 3.62%, as against 4.47% reported in the corresponding period of last year.

The bank was expected to perform strongly, however, the sharper than expected performance took the street by surprise. The shares of the bank were traded at Rs 855 , up 2.32% on the Bombay Stock Exchange.

Banks have been facing a challenging few quarters, following a regime of high interest rates. Most of the banks have been saddled by high non performing assets and lower net interest income. ICICI Bank's performance is now expected to set the trend for better performances from the banking sector.


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