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ICICI Bank net up 36 pc on loan growth.

ICICI BANK has posted a 36.3- per cent rise in profit of ` 1,815 crore on a standalone basis for the first quarter ended June 30-- higher than market estimates-- driven by healthy loan growth and net interest margins ( NIMs).

This is the strongest growth for the country's top private sector lender in more than a year. Analysts were expecting the firm to post a net profit of ` 1,740 crore for the quarter. The bank had posted a net profit of ` 1,332 crore for the same quarter in the previous fiscal.

The bank has posted a 22- per cent rise in advances of ` 2,68,430 crore and a 16- per cent jump in deposits at ` 2,67,794 crore.

However, the bank's current account plus savings account ( CASA) ratio as a percentage of total deposits declined 1.3 percentage points to 40.6 per cent.

" Our net interest margins on both domestic and international business have improved, and our reliance on wholesale deposits is very less," Chanda Kochhar, managing director ( MD) and chief executive officer ( CEO), ICICI Bank, said in a conference call.

The bank's NIMs were at 3.32 per cent and global NIMs stood at 1.6 per cent.

" The bank has delivered another good set of numbers both on the operating level as well as on asset quality. Net interest income growth was quite strong for the quarter at 32 per cent year- on- year, which was slightly above our estimates, driven by healthy loan growth and healthy NIMs," Vaibhav Agrawal, vice- president ( research banking), Angel Broking, said.

" We expect net interest margins for the year to remain close to present levels," Kochhar said adding that ICICI Bank is maintaining its target of 20- per cent loan growth for FY13.

PNB POSTS 13- PC JUMP IN Q1

PUNJAB National Bank ( PNB) has posted 12.7- per cent hike in net profit at ` 1,246 crore for the quarter ended June 30. The country's secondlargest state- run lender had a net profit of ` 1,105 crore during the April- June quarter of the previous fiscal.

Total income during the first quarter grew by 24.6 per cent to ` 11,711 crore against ` 9,398.91 crore in the same period during 2011- 12, it said. However, gross nonperforming assets have gone up from two per cent in the year- ago period to 3.34 per cent at the end of first quarter.

The bank's net interest margin stood at 3.6 per cent at the end of June quarter.

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Publication:Mail Today (New Delhi, India)
Date:Jul 28, 2012
Words:441
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