By Nupur Acharya
MUMBAI--India's ICICI Bank Ltd. (532174.BY) Friday topped
expectations to report a 21% on-year jump in its fiscal fourth
quarter standalone net profit as demand for loans remained
strong.
Net profit for the January-March period jumped to 23.04 billion
rupees ($424 million) from 19.02 billion rupees a year earlier, the
country's second-largest bank by assets said in a filing to the
stock exchanges.
The average in a Dow Jones Newswires poll of six brokerage
houses was for a net profit of 22.03 billion rupees.
Private sector lenders like ICICI, HDFC Bank Ltd. (500180.BY)
and Axis Bank Ltd. (532215.BY) continue to post strong growth in
profits on the back of strong demand for loans from individual
buyers of homes and new vehicles while corporate demand remains
muted.
Net interest income, the equivalent of revenues for companies in
other sectors, was 38.03 billion rupees, up 22%.
Write to Nupur Acharya at nupur.acharya@dowjones.com
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