ICICI Bank's quarterly profit fell 25 per cent as its bad loans ticked up, although the decline was smaller than expected.
The bank's net profit fell to 2,232 crore ($333.26 million) for its fiscal first quarter to June 30, from 2,976 crore (Rs 29.76 billion) a year earlier, the Mumbai-based bank said in a statement on Friday.
Analysts on average had expected the lender, which is also listed in New York, to report a net profit of 21.99 billion rupees, according to data compiled by Thomson Reuters.
Gross bad loans as a percentage of total loans were 5.87 per cent in the June quarter, compared with 5.82 per cent in the previous three months.
Image: A signboard of the ICICI Bank is pictured outside an automated teller machine booth in New Delhi, India, March 4, 2016. Photograph: Adnan Abidi/File Photo/Reuters
