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Mumbai: The country's second largest lender, ICICI Bank, clocked a 2.6 per cent jump in its net profit in Q2 FY 10 and expects its loan growth to pick up and slippages to decline in the latter half of the fiscal.
ICICI Bank's net profit in Q2 rose marginally to Rs 1,040 crore from Rs 1,014 crore a year-back.
The lender is continuing the process of reducing retail unsecured loans to 6-7 per cent of its total advances by end-fiscal in a bid to enhance its asset quality, its Managing Director & CEO, Chanda Kochhar, said.
"We continue to bring down our unsecured loan portfolio... it is expected to come down to 6-7 per cent of total advances by the end of this year," Kochhar said.
Moving ahead, the bank sees double-digit growth in ceratin loan portfolios like home-loans, car and project finance as there is a pick up in economic activities, Kochhar said.
However, credit growth for the full year is likely to be in single digit owing to the sluggish growth in the first half.
ICICI Bank, which was reducing its loan-book size, especially in the retail segment, has completed the first phase of its balance-sheet contraction, Kochhar said.
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