ICICI Bank net rises 76% at Rs 1,145 cr

The country's largest private sector lender, ICICI Bank, today reported a 76 per cent growth in consolidated net profit at Rs 1,144.57 crore during the second quarter ended September 30, 2009.

Total income declined to Rs 14,595.85 crore during the July-September quarter from Rs 15,590.46 crore in the same period a year ago, ICICI Bank said in a filing to the Bombay Stock Exchange(BSE).

Lower losses in life insurance business and higher profits in other subsidiaries were reflected in the surge in net profit of the company.

The bank has cut down heavily its operating expenses although its net interest income has come down.

The bank's interest income declined 15 per cent to Rs 6,656.94 crore during the quarter under review, and the interest expenditure stood at Rs 4,620.87 crore, down 19 per cent over the year-ago period.

On a standalone basis, ICICI Bank posted a net profit of Rs 1,040.13 crore during the September quarter, a 2.56 per cent increase over the year-ago period.

The bank's standalone total income declined to Rs 8,480.73 crore during the July-September quarter of the current fiscal, from Rs 9,712 crore in the corresponding period a year ago.

Shares of ICICI Bank were trading at Rs 772.80, up 0.20 per cent over previous close on the BSE.