Beating expectations, ICICI Bank net income up 14.5 percent to Rs 11,746 crore

MUMBAI: The second largest private sector lender, ICICI Bank, has reported a 14.5 percent rise in net income at Rs 11746 crore, beating street expectations, helped by healthy interest income against a marginal increase in operating expenses. Brokerages were expecting the bank to log in only Rs 10,989 crore in net income.

The bank told reporters in a concall Saturday that the net interest income increased by 9.5 percent to Rs 20,048 crore. The net interest margin printed in at 4.27 percent, down from 4.36 percent in the previous quarter and 4.53 percent in the year-ago period.

The non-interest income grew 10.8 percent to Rs 6,496 crore, with a 13.3 percent rise in fee income to Rs 5,894 crore, driven largely by contributions from retail, rural and business banking customers, the management said.