ICICI Bank Q1 net up 12%, beats estimates
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ICICI Bank, India's biggest private sector lender by assets, reported a 12% rise in quarterly profit, beating estimates, and its bad loan ratio fell sequentially, sending its shares higher by more than 5%.
Net profit rose to Rs 2,976 crore ($465 million) for its fiscal first quarter to June 30, from Rs 2,655 crore reported a year earlier.
Analysts on average had expected ICICI Bank to report a net profit of Rs 2,920 crore, according to data compiled by Thomson Reuters.
Gross bad loans as a percentage of total loans fell to 3.68% from 3.78% in the March quarter.
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