Net income climbed to 23 billion rupees ($424 million), or 19.87 rupees a share, for the three months ended March 31, from 19 billion rupees, or 16.46 rupees, a year earlier, Mumbai-based ICICI said in an exchange filing today. That compared with the 22.9 billion rupee median of estimates compiled by Bloomberg.
“Profits are rising on strong loan growth,” Hatim Broachwala, a Mumbai-based analyst at Karvy Stock Broking Ltd., said ahead of the earnings announcement. “The bank’s renewed focus on retail is making up for slowing corporate loans and is driving profit in spite of flat margins.”
Shares of ICICI dropped 3.3 percent to 1,139 rupees as of 2:26 p.m. Mumbai time. The stock has gained 35 percent over the past year, surpassing the equity benchmark S&P BSE Sensex (SENSEX) index’s 13 percent advance.
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