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This article was first published 7 years ago  » Business » ICICI Bank Q1 profit falls 25%, bad loans tick up

ICICI Bank Q1 profit falls 25%, bad loans tick up

By Devidutta Tripathy
July 29, 2016 17:39 IST
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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

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Devidutta Tripathy in Mumbai
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