ICICI Bank Fourth-Quarter Profit Gains of 21% on Lending Income

ICICI Bank Ltd. (ICICIBC), India’s second- largest lender by assets, posted a 21 percent increase in fourth-quarter profit.

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.

To contact the reporters on this story: Anoop Agrawal in Mumbai at aagrawal8@bloomberg.net; Anto Antony in Mumbai at aantony1@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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