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ICICI Bank Q1 net up 25%; meets forecast
ICICI Bank Ltd, India's 2nd largest lender by assets, today posted a 25.3 % increase in Q1 net profit, in line with estimates, led by higher loan growth and income from fees and commissions.
ICICI Bank Ltd, India's second largest lender by assets, posted on Wednesday a 25.3 % increase in first-quarter net profit, in line with estimates, led by higher loan growth and income from fees and commissions.
The bank posted a net profit of Rs 22.7 billion ($376.7 million) for the April-June quarter, compared with Rs 18.2 billion a year earlier.
Net interest income rose 19.6 % to nearly Rs 38.2 billion.
Analysts, on average, had estimated a net profit of 22.4 billion rupees, according to Thomson Reuters.
Net interest margin, a key gauge of profitability for banks, stood at 3.27 % for the quarter-ended June compared with 3.01 % a year ago, ICICI said in a statement.
Asset quality at the bank worsened slightly, with net non-performing loans at 0.82 % of its total assets compared with 0.71 % a year earlier. Provisions for bad loans and contingencies rose 27 % to 5.93 billion rupees.
Rival Axis Bank has already posted a better-than-expected 22.5 % growth in net profit with a marginal increase in bad loans. Non-performing loans at No. 3 lender HDFC Bank also ticked up in the June quarter.
