- FIIs reduce stakes in Indian banks shares in quarter, ICICI Bank, HDFC Bank, SBI leadBSE Sensex jumps 467 pts to close near 3-year high as market mood rises on RBI repo rateBSE Sensex jumps 467 pts to close near 3-year high as market mood rises on RBI repo rateChanda Kochhar moves up on Fortune women power list, NSE's Ramkrishna debuts
The total income rose to Rs 25,884.7 crore in the first six month from Rs 23,494.87 crore in the same period a year ago.
On consolidated basis, the profit of the bank increased by 22 per cent to Rs 5,445 crore for the half year ended September 30, 2013, from Rs 4,467 crore in the same period a year ago.
Shares of ICICI Bank were trading at Rs 1018.35, down 0.32 per cent intraday.
* ICICI Bank Q2 net profit 23.5 bln rupees vs 21.9 bln analyst estimate
* Rise led by higher credit growth
* Sees retail book growing 22-23 pct in FY14 led by car, home loans
* Net interest margin at 3.31 pct vs 3.00 pct year earlier
* Raises FY14 net interest margin guidance to 3.3 pct
India's top private sector bank ICICI bets on consumer loans; Q2 net beats estimates
(Reuters) - ICICI Bank Ltd, India's largest private-sector lender by assets, is betting on consumer lending to help drive earnings growth this year after car and home loans helped it post over 20 percent profit gain for the third straight quarter.
ICICI is trying to emulate the success of rival HDFC Bank Ltd with a renewed push into consumer loans as corporate investment bears the brunt of economic slowdown as well as bureaucratic bottlenecks.
The bank's retail book, or loans for cars, homes and credit cards, is likely to grow 22-23 percent in the financial year ending March compared with overall credit growth of 17-18 percent, CEO Chanda Kochhar told reporters after the company released earnings results on Friday.
Net profit rose to 23.5 billion rupees ($382.63 million) in July-September from a year earlier. That compared with a 21.9 billion rupees estimate of 23 analysts polled by Thomson Reuters.
Shares of ICICI, which the market values at $19 billion, ended 0.13 percent higher compared with the benchmark's 0.2 percent decline.
"We are increasing our penetration in India. We added to our number of geographies from where we do home loans, from where we do auto loans, our branch network is also increasing, and all this will continue," Kochhar said.
Car sales are projected to decline,