May 6, 2019 / 10:49 AM / 4 months ago

India's ICICI Bank fourth-quarter profit drops on higher expenses

BENGALURU, May 6 (Reuters) - ICICI Bank Ltd reported on Monday a 5 percent drop in its fourth-quarter profit, dented by higher expenses.

Net profit dropped to 9.69 billion rupees ($139.71 million) in the three months ended March 31, from 10.20 billion rupees a year earlier when stricter central bank rules had forced the country's third-biggest lender by assets to account for more bad loans. bit.ly/2J19vOn Analysts were looking for a profit of 21.29 billion rupees, I/B/E/S data from Refinitiv showed.

Total expenses jumped 18.1 percent to 146.80 billion rupees.

$1 = 69.3575 Indian rupees Reporting by Chris Thomas in Bengaluru; Editing by Sherry Jacob-Phillips

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