Monday, October 30, 2006

ICICI Bank (NYSE:IBN) declares Smashing Results-Plans to be a Global Titan

ICICI bank declared that profits were up 30% Y o Y in it's quarter ending Sep 30, 2007. The bank also raised $400 M in bonds, which will be used for International Expansion.

This is great news. Indian companies are becoming global players more and more and if ICICI can prove to be their bank of choice for international financing deals we have another HSBC or Citibank in the making here.

Plus the domestic story looks better than ever before. The bank seems to be firing on all cylinders; and with the Indian Economy projected to grow north of 7% for years to come investors in this bank will be handsomely rewarded.

Singapore also wants to raise it's stake in the bank-and you know they ain't dumb money. They already hold about 8% of the bank.

Interesting to note that 73% of ICICI is owned by Foreigners-thru FII in the Indian markets and the ADRs.


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