ICICI Bank Net Up 44 Pc At Rs 1,452 Cr In Fourth Quarter

ICICI Bank, India's second largest lender, posted a 44 percent increase in quarterly profit slightly below estimates, the strong credit demand and a decrease in provisions for doubtful debts were offset by losses cash.

ICICI and its competitors, State Bank of India and HDFC Bank will see their resources to improve the quality of the positive business and consumer confidence will help to reduce credit losses. But the loan growth of banks in India is likely to weaken in the coming months following a series of increases in interest rates the central bank's third-largest economy in Asia in controlling inflation, reports Reuters.

New York, said that the list of ICICI net profit from January to March, its fourth quarter rose to Rs 1,452 crore R 1,006 crore a year earlier. Reuters poll, analysts had forecast a net profit of Rs 1,489 crore. India's third largest lender, HDFC Bank last week, has exceeded expectations with a 33 percent increase in quarterly profit and said it expects that demand for loans to grow by more than 20 percent during this fiscal year that started on April 1.