ICICI Bank Q1 profit falls, but beats estimates

Chanda Kochhar, managing director and chief executive officer of ICICI Bank.

ICICI Bank Ltd, India’s third-biggest lender by assets, reported an eight percent fall in its first-quarter profit but was slightly ahead of analysts’ estimates.

Net profit fell to 20.49 billion rupees ($319.6 million) in the quarter ended June 30, from 22.32 billion rupees a year ago, the bank said on Thursday. (http://bit.ly/2vLv63v) Analysts on average had expected a net profit of 20.43 billion rupees, Thomson Reuters data showed.

Gross non-performing loans (NPA) as a percentage of total loans rose to 7.99 % at end-June from 7.89 % at March-end and 5.28 % a year earlier.

($1 = 64.1075 Indian rupees)