MUMBAI, July 31 ICICI Bank Ltd,
India's second largest lender by assets, posted on Wednesday a
25.3 percent increase in first-quarter net profit, in line with
estimates, led by higher loan growth and income from fees and
The bank posted a net profit of 22.7 billion Indian rupees
($376.7 million) for the April-June quarter, compared with 18.2
billion rupees a year earlier.
Net interest income rose 19.6 percent to nearly 38.2 billion
Analysts, on average, had estimated a net profit of 22.4
billion rupees, according to Thomson Reuters I/B/E/S.
Net interest margin, a key gauge of profitability for banks,
stood at 3.27 percent for the quarter-ended June compared with
3.01 percent a year ago, ICICI said in a statement.
Asset quality at the bank worsened slightly, with net
non-performing loans at 0.82 percent of its total assets
compared with 0.71 percent a year earlier. Provisions for bad
loans and contingencies rose 27 percent to 5.93 billion rupees.
Rival Axis Bank has already posted a
better-than-expected 22.5 percent 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.
($1 = 60.3625 Indian rupees)
(Reporting by Swati Pandey; Editing by Miral Fahmy)