Mumbai, July 31: ICICI Bank today beat Street estimates with net profit growing 17 per cent in the first quarter ended June 30, 2014, on account of a surge in retail loans. However, consolidated profit for the April-June period rose marginally by 3 per cent, causing the stock to fall over 1 per cent to Rs 1,473 on the BSE.
Profit from the bank’s general insurance subsidiary fell to Rs 72 crore for the period under review from Rs 203 crore in the year-ago period.
On a standalone basis, net profit for the country’s largest private sector bank rose to Rs 2,655 crore during the April-June quarter of the current fiscal compared with Rs 2,272 crore in the year-ago period.
The consensus estimate was of a net profit of Rs 2,600 crore.
Total advances jumped 15 per cent to Rs 347,067 crore during the period from Rs 301,370 crore as of June 30, 2013.
The bank’s core net interest income grew 18 per cent to Rs 4,492 crore, largely on the back of a 26 per cent surge in the retail advances. Home loans grew 25 per cent, while auto loans were up 46 per cent.
At a conference call, managing director & CEO Chanda Kochhar said housing loans comprised around 54 per cent of the retail portfolio.
On corporate advances, the bank continued its cautious stance and the book was up only 8 per cent. Kochhar said project loan requirements were at least two quarters away given the way the economy was recovering.
Though the quarter saw a rise in gross non-performing assets to Rs 10,843.30 crore from Rs 10,009.41 crore last year, Kochhar said the asset quality had relatively improved over the preceding three months.