ICICI Bank's profits beat expectations
Mumbai: ICICI Bank, India's second biggest bank, reported fourth-quarter profit that beat analysts' estimates as loan demand from companies and individuals helped the bank offset losses on overseas investments.
Net income increased 39 per cent to Rs11.5 billion ($286 million) in the fourth quarter ended March 31, compared with Rs8.25 billion a year earlier, the Mumbai-based company said.
Profit surpassed the Rs9.4 billion median estimate in a survey of five analysts by Bloomberg News.
Chief executive officer K.V. Kamath aims to raise as much as $1 billion from selling shares in the investment banking unit, a plan that stalled as the equity benchmark Sensitive Index dropped 16 per cent this year. ICICI Bank sold $5 billion of shares and borrowed about $10 billion from overseas investors in 2007 to bolster its capital and make more loans.
Published: April 27, 2008, 00:45
http://www.gulfnews.com/business/Banking_and_Finance/10208816.html
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1 comment:
The ICICI banks has a beat in its profits expectations in the bank.
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