ICICI Bank reported a net profit of Rs.2,709 crore for the quarter ended September 30, 2014, a rise of 15 per cent year-on-year compared to Rs.2,352 crore for the quarter ended September 30, 2013.
Net interest income increased 15 per cent to Rs.4,657 crore from Rs.4,044 crore. Non-interest income of the bank increased by 26 per cent to Rs.2,738 crore from Rs.2,166 crore.
The bank continued to grow its retail franchise and has seen healthy growth in retail assets and deposits.
“The retail book has grown…… our loan growth is more than the system growth,” said Chanda Kochhar, Managing Director & CEO, ICICI Bank, while addressing a conference call.
During the quarter, the bank added 52 branches and 292 ATMs to its network. At September 30, 2014, the Bank had 3,815 branches, of which 450 branches were low cost branches in hitherto un-banked rural areas, the Bank added. Net non-performing assets (NPAs) at September 30, 2014, were Rs.3,997 crore compared to Rs.3,474 crore at June 30, 2014 and Rs.2,707 crore at September 30, 2013.
IOB posts Rs.246 cr loss Indian Overseas Bank (IOB) on Thursday swung into an unexpected net loss of Rs.245.51 crore for the second quarter ended September 30, 2014, as against a net profit of Rs.132.55 crore in the year-ago period.
The bank attributed the net loss to higher provisions for domestic and overseas advances and provision for treasury operations.
The operating profit of the bank was lower at Rs.729.44 crore as against Rs.791 crore. “The bank consciously contained its credit growth, resulting in lower operating profit,” said a statement.
Meanwhile, provisions and contingencies were higher by 44 per cent at Rs.892.38 crore when compared with Rs.619.9 crore in the second quarter of the previous fiscal.
Net NPA was higher at Rs.9,108.81 crore in the second quarter of this fiscal, as compared to Rs.4,875 crore in the same period last year, an increase of 86.85 per cent.
