India's second largest bank, ICICI Bank has inked a memorandum of understanding (MoU) with a pan-African lender Ecobank Transnational (ETI), in order to make itself a hub for Indian investment into Africa. With this deal, ETI aims to attract developing country’s investors to go through its bank, in order to do business in sub-Saharan Africa.
ICICI Bank reported 30.21% rise in its net profit at Rs 2250.24 crore for the quarter ended December 31, 2012 compared to Rs 1728.10 crore for the same quarter in the previous year. Total income of the bank increased by 17.83% at Rs 12352.91 crore for quarter under review as compared to Rs 10483.73 crore for the quarter ended December 31, 2011.
