Mumbai: India's largest private sector bank ICICI Bank on Saturday posted a net profit of Rs 790 crore in the fourth quarter ended March 31, 2006, a 28.5 per cent increase from profits for the year-ago period.
The bank also announced a dividend of 85 per cent. The total income of the bank during the quarter under review was Rs 5,591.71 crore as against Rs 3,637.54 crore in the corresponding quarter of last fiscal.
Its shares were 2.23 percent higher at 589.90 rupees in a firm Mumbai market.
During the quarter, it sold stakes in Federal Bank and South Indian Bank.
The bank has also been riding on India's 8 per cent economic growth, which has spurred demand for retail loans for homes and automobiles, but was hurt due to rising interest rates.
Shares in ICICI Bank, which has a market value of $11.46 billion, under performed during the March quarter, gaining just 0.8 per cent, lagging a 20 per cent gain on the main index, and the bank sub-index's 3.6 per cent rise.
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