ICICI Bank Q4 net profit jumps but lags estimates

Standalone net profit nearly tripled to 20.25 billion rupees ($315.7 million) for the three months to March 31, from 7.02 billion rupees reported a year earlier.

ICICI Bank Ltd, India’s third-biggest lender by assets, reported a smaller-than-expected growth in fourth-quarter net profit as bad loans rose.

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Standalone net profit nearly tripled to 20.25 billion rupees ($315.7 million) for the three months to March 31, from 7.02 billion rupees reported a year earlier, the Mumbai-based lender said on Wednesday.

Analysts on average had expected a net profit of 22.04 billion rupees, according to Thomson Reuters data.

The bank’s gross bad loans as a percentage of total loans rose to 7.89% as of end-March, from 7.2% at the end of December and 5.21% a year earlier.