ICICI Bank Q1 net profit up 17 pc, beats estimates

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

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

Net non-performing loans as a percentage of loans were 0.99 percent compared with 0.97 percent in the previous quarter. Net interest income, the difference between interest earned and paid, grew 18 percent annually to 44.92 billion rupees 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 (HDBK.NS) last week reported its slowest quarterly earnings growth in more than a decade.

EDITORIAL OF THE DAY

  • By banning the sale of BS-III vehicles, SC has ruled in favour of public health

    Automobiles, commercial vehicles and two-wheeler manufacturers have no alternative but to comply with the Supreme Court directive of not selling BS-II

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Cut & Thrust: SRK’s ALPHABET SOUP

On Saturday, the Enforcement Directorate sent a show cause notice ...

Ananda Majumdar

Power of risk in politics

A counter na-rrative appears to be emerging in the ongoing ...

Zehra Naqvi

Success lies in learning to embrace failure

Among the thronging multitudes that offer you lessons on success, ...