ICICI Bank Q3 net up 35%; IPO of brokerage arm approved

ICICI Bank Q3 net up 35%; IPO of brokerage arm approved

ICICI Bank, the country's biggest private lender on Saturday reported 35 per cent jump in net profit in the third quarter this fiscal at Rs 1,230 crore compared to Rs 910 crore in the year-ago period. The bank clocked a total income of Rs 10,338 crore in the October-December quarter as compared to Rs 7,581 crore in the year-ago period, an increase of 36 per cent.

Meanwhile, the board of ICICI Securities approved the initial public offer and private placement of shares to one or more institutional investors.

------------------------------------------
ICICI Bank net up 35.18% for Q3



ICICI Bank has announced its audited results for the quarter ended Dec. 31, 2007. The bank has registered a growth of 35.18% in net profit to Rs 12,302.10 million for the quarter ended Dec. 31, 2007, as compared to Rs 9,100.80 million for the same period last year.

Interest income for the quarter rose 35.83% to Rs 79,117.7 million as against Rs 58,246.5 million for the same quarter, a year ago.The total income of the bank reported an increased of 32.45% to Rs 103,383.60 million for the quarter ended Dec. 31, 2007, as compared to Rs 78,052.40 million for the same period previous year.

The bank has also announced its un-audited consolidated results.

The bank has registered a growth of 26.69% in net profit to Rs 11,198.20 million for the quarter ended Dec. 31, 2007, as compared to Rs 8,839.20 million for the quarter ended Dec. 31, 2006.

Total income reported an increase of 47.72% to Rs 156,533.10 million for the quarter ended December 31, 2007, as compared to Rs 105,963.10 million for the same period last year.
It is believed that the bank is looking at breaking into the elite list of world`s top ten banks within five years. It expects its overseas business to account for at least one-fourth of its balance sheet in 2008.
It is already the country`s largest in terms of overseas business. At present, the bank is present in 18 countries globally. It has over USD 19 billion of overseas assets.
Shares of the bank declined Rs 76.35, or 5.78%, to settle at Rs 1245.45. The total volume of shares traded was 1,710,859 at the BSE. (Friday).



Source: Economic Times, myiris.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.