NaAtMaD – News and Articles that Make a Difference

* What: April-June results of State Bank, ICICI Bank
* When: July 26
* State Bank net seen up 2.9 percent; ICICI up 8.1 percent
MUMBAI, July 24 and ICICI Bank , the country’s top lenders, are set to report sharply lower quarterly profit growth as higher interest rates hit margins and the value of their bond portfolios decline. With the central bank trying to tame double-digit inflation — in June it raised official interest rates twice to a six-year high of 8.5 percent and also upped bank’s reserve requirements — analysts remained cautious on the outlook. “High inflation and more interest rate hikes may slow growth and affect asset quality,” said Seshadri Sen, banking analyst at Macquarie. “While rising rates is the consensus view among economists, it still has not been built into consensus numbers for banks.” Source Reuters