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India’s ICICI Bank quarterly profit up 36 per cent
ICICI Bank says June quarter profits rose 36 percent thanks to a growing loan book and improving asset quality.
India’s largest private lender beat expectations Friday, reporting net income for the April to June quarter of 18.2 billion rupees ($326 million), up from 13.3 billion rupees a year earlier.
The bank managed to grow its loan book and reduce bad loans even as the wider Indian economy struggles with slowing growth, high inflation and high interest rates that companies say have hampered investment.
The results sent ICICI’s stock up over 2.5 percent.
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