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Largest private sector banking player in India, ICICI Bank has reported robust Q2 numbers today. The bank has reported Rs 1503 crore net profit for three months ending September, 30, 2011, registering a 22 per cent growth compared to similar quarter during 2010.
The bank has been able to beat the street estimates by registering a good quarter. The MD Chanda Kochhar said that the asset quality has improved and the bank has also witnessed growth across various sections.
NPA for ICICI Bank for last quarter were recorded at .8% compared to .9% during the first quarter. The bank has been able to reduce NPA from 1.62% during the same quarter last year.
The stock ended the day marginally lower. The intraday high for ICICI Bank was Rs 953 and low stood at Rs 921. The bank is currently trading at P/E ratio of 19.65 compared to industry average P/E ratio of 10.97.
LKP Securities analyst Kunal Bothra has suggested bullish trend for the stock considering the positive results.
Rajesh Agarwal has given HOLD call for ICICI Bank. Rakesh Bansal has given a target of Rs 980-985.
With the recent RBI announcement of deregulation of Interest on Savings, banking sector could face more competition. It will also effect the interest margin of banks. However, banks like ICICI Bank are very aggressive and analysts expect that private sector banks will increase their competitiveness by offering better rates. This will help them increase their business.