ICICI Bank Q1 net profit up 17%, beats estimates

ICICI Bank Ltd, country's second-biggest lender by assets, reported a 17% rise in quarterly profit, beating estimates, helped by loan growth and higher fee income.

ICICI Bank Ltd, country's second-biggest lender by assets, reported a 17% rise in quarterly profit, beating estimates, helped by loan growth and higher fee income.

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Net profit for its fiscal first quarter ended June rose to Rs 26.55 billion ($440 million) from Rs 22.74 billion a year earlier, the Mumbai-headquartered bank said on Thursday. Analysts on average had expected a net profit of Rs 25.73 billion.

Net non-performing loans as a percentage of loans were 0.99% compared with 0.97% in the previous quarter. Net interest income, the difference between interest earned and paid, grew 18% annually to Rs 44.92 billion in the quarter.

ICICI Bank is the largest private sector lender in India, where nearly two dozen state-run banks account for two-thirds of the assets. ICICI's smaller rival HDFC Bank Ltd last week reported its slowest quarterly earnings growth in more than a decade.