India's ICICI Bank Q2 net profit up 30 percent, beats forecast
MUMBAI Oct 26 (Reuters) - India's No. 2 lender ICICI Bank Ltd posted a forecast-beating 30 percent rise in second quarter net profit, bolstered by strong loan growth and higher fee-based income, it said on Friday.
The bank posted its highest ever quarterly net profit of 19.56 billion rupees ($364.4 million) in July-September, compared with 15.03 billion rupees a year ago. Net interest income, or the difference between income earned and interest expended, rose 35 percent to 33.71 billion rupees.
Analysts, on average, had estimated net profit of 18.8 billion rupees, according to Thomson Reuters I/B/E/S.
Net non-performing loans at the bank stood at 0.78 percent of its total assets compared with 0.93 percent a year ago. Net interest margins, a key gauge of profitability for banks, was steady at 3 percent. ($1 = 53.6750 Indian rupees) (Reporting by Swati Pandey; Editing by Daniel Magnowski)