ICICI Bank net profit jumps 20 percent

Mumbai  :  ICICI Bank, India’s largest private sector lender, Friday said its net profit rose by 20.1 percent to Rs.2,352 crore ($376 million) for the July-September quarter helped by higher credit growth.

The lender posted a net profit of Rs.2,352 crore for the quarter ended Sep 30, 2013 as compared to Rs.1,956.11 crore posted in the corresponding quarter of last year.

ICICI Bank’s total income rose to Rs.12,979.75 crore for July-September quarter of the current financial year from Rs.12,069.3 crore recorded in the same quarter last fiscal.

Net interest margin rose to 3.31 percent during the quarter under review as compared to 3 percent during the corresponding quarter last year.

The bank’s net interest income increased by 20 percent to Rs.4,044 crore during the quarter under review as compared to Rs.3,371 crore recorded in the corresponding quarter of the last year.