ICICI Bank Quarterly Profit Tops Estimates on Strong Loan Growth
- Bank’s total loans led by consumer advances grew 18% annually
- Soured-debt ratio remains little changed from previous quarter
An ICICI Bank Ltd. branch in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
ICICI Bank Ltd.’s first-quarter profit topped estimates, underpinned by sustained demand for retail loans in the world’s most populous country.
Net income climbed to 96.5 billion rupees ($1.2 billion) in the quarter ended June 30, compared with 69 billion rupees a year ago, according to a statement Saturday. That beat the average estimate of 88.5 billion rupees in a Bloomberg survey.