Market News
MUMBAI, Oct 21 - Two of India's top private banks - ICICI Bank and Kotak Mahindra Bank - reported a sharp increase in net profits for the July-September quarter, as strong growth in the economy helped drive consumer loans.
A 19% on-year growth in the bank's loan portfolio helped offset a drop in net interest margin from the previous quarter, the bank's executive director said at a post-earnings media call, adding that the drop in NIM should moderate in the coming quarters. The upcoming festive season is expected to further boost customer spending, helping sustain the demand for retail loans.
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