ICICI Bank posts 12 per cent higher Q2 net profit

ICICI Bank on Friday reported 12 per cent growth in consolidated net profit at Rs 3,419 crore for the three months through September, helped largely by healthy uptick in retail loans and higher margins from its international operations.

The bank reported robust numbers, which were in line with market expectations, despite the fact that the asset quality worsened during the reporting quarter with both the gross NPAs and net NPAs inching up.

The lender also announced that it is selling 9 per cent stake in its general insurance arm, ICICI Lombard Canada-based non-resident Indian Prem Watsa- promoted Fairfax Financial Holdings. It will bring down ICICI’s stake in the venture to 64 per cent and bring in Rs 1,550 crore.