ICICI Bank Profits Rise 25%

http://www.insidearm.com/news/00011646-icici-bank-profits-rise-25/

India’s ICICI Bank reported Saturday after tax profit in its 2008 first fiscal quarter of $190 million, up 25 percent from $152 million in the same period a year ago. Total income rose 53 percent to $2.3 billion from $1.5 billion in the same quarter a year ago.

ICICI raised $4.9 billion during the quarter through a simultaneous public issue in India and issue of American Depository Shares (ADRs) in the U.S. The ADRs were down midday today 4.8 percent to $49.87. The symbol is IBN.

ICICI sold off nearly 17 percent of the business processing outsourcing and accounts receivable management firm First Source early this year.