ICICI Bank Q2 net up 76% at Rs 1,145 cr

The country's largest private sector lender, ICICI Bank, reported a 76 per cent growth in consolidated net profit at Rs 1,144.57 crore (Rs 11.45 billion) during the second quarter ended September 30, 2009.

Total income declined to Rs 14,595.85 crore (Rs 145.96 billion) during the July-September quarter from Rs 15,590.46 crore (Rs 155.9 billion) in the same period a year ago, ICICI Bank said in a filing to the Bombay Stock Exchange.

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 (Rs 66.57 billion) during the quarter under review, and the interest expenditure stood at Rs 4,620.87 crore (Rs 46.21 billion), 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 (Rs 10.40 billion) 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 (Rs 84.81 billion) during the July-September quarter of the current fiscal, from Rs 9,712 crore (Rs 97.12 billion) in the corresponding period a year ago.