ICICI Bank surges after reporting Q1 numbers
ICICI Bank (NYSE: IBN) today surged almost 14% after surpassing Q1 estimates. I have recommended ICICI bank in the past and continue to be bullish for the long term. I also like HDFC Bank (NYSE: HDB) which also surged 8% today.
Following are the highlights from the quarter ending June 30th 2006:
- Operating profit (excluding treasury income) increased 45% YoY to Rs. 1,144 crore (US$ 248 million).
- Operating profit increased 27% YoY to Rs. 1,231 crore (US$ 267 million).
- Profit after tax increased 17% YoY to Rs. 620 crore (US$ 135 million).
- Net interest income increased 52% YoY to Rs. 1,475 crore (US$ 320 million).
- Deposits increased 61% YoY to Rs. 183,006 crore (US$ 39.7 billion).
- The Bank now operates in 13 countries through branches, representative offices and wholly-owned subsidiaries.
I am going to keep a close eye on ICICI and might start buying small chunks on any downside.