ICICI Bank posts higher Q2 net

Chennai, Oct 30 (IANS) ICICI Bank Ltd on Friday said it closed the second quarter of the current fiscal with an increased net profit of Rs.3,030.11 crore as compared to Rs. 2,709.01 crore for the same quarter last year.

In regulatory filing with BSE, the bank said its total income increased to Rs.16,106.22 crore for the period under review up from Rs.14,888.95 crore in the quarter ended September 30, 2014.

The bank board also decided to dilute its holding in ICICI Lombard General Insurance Company Ltd by nine percent in favour of joint venture partner Fairfax Financial Holdings Ltd.

The bank said the proposed transaction values the compay at Rs.17,225 crore ($2.6 billion).

“Upon completion of the transaction, the share ownership in the company of ICICI Bank and Fairfax will be approximately 64 percent and 35 percent, respectively,” the bank said.

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