ICICI Bank First-Quarter Profit Gains 30% as Bad Loans Drop

ICICI Bank Ltd., India’s second-largest lender, said first-quarter profit rose 30 percent after credit expanded at the fastest pace in almost four years and bad loans declined.

Net income increased to 13.3 billion rupees ($301 million), or 11.51 rupees a share, in the three months ended June 30, from 10.3 billion rupees, or 9.16 rupees, a year earlier, the Mumbai-based bank said in a statement to exchanges. That compares with the 13.7 billion rupee median of 28 estimates compiled by Bloomberg.