The Wall Street Journal-20080122-Icici Bank Ltd-- Net Rises 35- in Quarter On Core-Operations Growth
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Icici Bank Ltd.: Net Rises 35% in Quarter On Core-Operations Growth
Icici Bank Ltd.'s net profit rose 35% for its fiscal third quarter, driven by robust growth in core operations. Icici, India's largest private bank by assets, said it expects to maintain similar growth if the Reserve Bank of India leaves interest rates unchanged. The bank, which is listed on the New York Stock Exchange, also said the board of fully owned brokerage unit Icici Securities Ltd. had approved a dilution of as much as 15% through an initial public offering and a private placement to one or more institutional investors. Chanda Kochhar, the bank's joint managing director and chief financial officer, said the listing would be completed in the next six months. Net profit for October through December rose to 12.3 billion rupees ($313.6 million). The bank's quarterly net interest income, the difference between interest earned and interest paid, increased 32% to 19.60 billion rupees.
