1. ICICI Bank Q4 net profit jumps to Rs 2,024.64 crore but lags estimates

ICICI Bank Q4 net profit jumps to Rs 2,024.64 crore but lags estimates

ICICI Bank Ltd, India's third-biggest lender by assets, reported a smaller-than-expected growth in fourth-quarter net profit as bad loans rose.

By: | Mumbai | Updated: June 9, 2017 4:35 PM
Analysts on average had expected a net profit of 22.04 billion rupees, according to Thomson Reuters data. (Reuters)

ICICI Bank Ltd, India’s third-biggest lender by assets, reported a smaller-than-expected growth in fourth-quarter net profit as bad loans rose. Standalone net profit nearly tripled to 20.25 billion rupees ($315.7 million) for the three months to March 31, from 7.02 billion rupees reported a year earlier, the Mumbai-based lender said on Wednesday.

Analysts on average had expected a net profit of 22.04 billion rupees, according to Thomson Reuters data. The bank’s gross bad loans as a percentage of total loans rose to 7.89 percent as of end-March, from 7.2 percent at the end of December and 5.21 percent a year earlier.

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