ICICI Bank Reports 22% Increase in Second-Quarter Profit

ICICI Bank Ltd., India’s second-largest lender by assets, said second-quarter profit rose 22 percent as loans increased and it reduced provisions for bad debts.

Net income climbed to 15.03 billion rupees ($308 million), or 13 rupees a share, for the three months ended Sept. 30, from 12.4 billion rupees, or 10.86 rupees, a year earlier, the Mumbai-based bank said in a statement to the Bombay Stock Exchange today. That compares with the 14.5 billion-rupee median estimate in a Bloomberg survey.