ICICI net up 12% on retail loan biz

 ICICI Bank, the country's largest private sector lender, on Friday reported 12% growth in consolidated net profit at Rs 3,419 crore for the three months through September, helped largely by healthy up-tick in retail loans and higher margins from its international operations.

The bank reported robust numbers, which were in line with market expectations, despite the fact that the asset quality worsened during the reporting quarter with both the gross NPAs and net NPAs inching up Stock Market Trading Tips

The lender also announced that it is selling 9% stake in its general insurance arm, ICICI Lombard, to Toronto, Canada-based NRI Prem Watsa- promoted Fairfax Financial Holdings.

It will bring down the bank's stake in the venture to 64 per cent and bring in Rs 1,550 crore.The lender also reported a 12% rise in posttax profit on a stand-alone basis to Rs 3,030 crore during the reporting period. Its core net interest income rose 13% to Rs5,251 crore, while noninterest income increased 10% to Rs 3,007 crore Himanshu Tiwari Astrologer Blog

Helped by a healthy rise in international margins, which moved to 2% from 1.58% a year ago, the overall net interest margin (NIM) moved up by 0.10% to 3.52% and the bank's MD and CEO Chanda Kochhar said she is confident of maintaining the NIMs at this level.

Domestic NIM stood at 3.84% Indian stock market astrology prediction