ICICI Bank second-quarter profit falls, lags estimates

ICICI Bank Ltd, India’s third-biggest lender by assets, reported a 34% fall in second-quarter profit, missing analysts’ estimates.

ICICI Bank Ltd, India’s third-biggest lender by assets, reported a 34% fall in second-quarter profit, missing analysts’ estimates.

Net profit fell to 20.58 billion rupees in the quarter ended Sept. 30, from 31.02 billion rupees a year earlier. (HT File Photo)

Net profit fell to 20.58 billion rupees in the quarter ended Sept. 30, from 31.02 billion rupees a year earlier, the bank said on Friday.

Analysts on average had expected a profit of 24.91 billion rupees, Thomson Reuters data shows.

Gross bad loans as a percentage of total loans stood at 7.87% at end-September, versus 7.99% at end-June and 6.12% a year ago.