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ICICI Bank Chalks Up 35 Per Cent Quarterly Profits Jump
Tom Burroughes
25 April 2010
ICICI Bank, India's largest private bank and provider of services including wealth management, has reported a 35.2 per cent rise in first-quarter profits from the same period last year. Net profit stood at R10.06 billion (around $224 million). ICICI Prudential Asset Management Company’s profit after tax increased to $29 million from $155,902. Total income, however, fell by 16.1 per cent, to R77.18 billion. The bank had a Tier-1 capital adequacy ratio of 14 per cent. ICICI is the country's second-largest lender after state-run State Bank of India.