2. ICICI Bank ( IBN) is the largest private bank in India offering a range of banking and financial services, including retail banking and treasury operations. Business grew 15.3% year-over-year during the March quarter, the highest in the last 12 quarters. The bank's profits grew 44% vs. the same quarter last year, led by healthy net interest income and lower provisions. Net interest margin improved 10 bps sequentially to 2.6%, with low-cost deposit share improving to 45.1%. Management expects 20% year-over-year credit growth in fiscal 2012, led by corporate, SME and retail secured loans. Gross on-performing assets declined 1.5% sequentially, with coverage rising to 76% in March 2011, vs. 71.8% in the previous quarter. Stable asset quality and lower credit costs could aid profitability. The bank's capital adequacy was 19.5% with Tier-1 capital at 13.2%, which should boost business growth momentum in 2012 fiscal. The stock has analysts' buy rating of 50% and is likely to deliver 34% in the next one year.