3. ICICI Bank ( IBN) is the largest private bank in India providing a broad spectrum of services in the retail and commercial space. During the March quarter, the bank's results met consensus estimates. Net profit rose 44% year-over-year to $330 million, led by strong growth in the core income and decline in bad loan provisions. Net interest income grew 23.3% during the quarter, aided by margin expansion and strong growth in advances. Overall advances in the March quarter grew 4.7% sequentially, boosted by agriculture, small and medium enterprises and the retail segments. The bank's asset quality has improved over the past three quarters. Gross bad loans declined to 4.47% from 4.75% in the previous quarter. Provisions for bad loans declined 17.4% sequentially during the quarter, and provision coverage ratio expanded to 76%. The Tier-1 capital ratio at the end of the March quarter was 12.9% and capital adequacy ratio was 19.2%. The stock is expected to deliver 24% in the next one year.