ICICI Bank Q2 net up 12%, in line with estimates

ICICI Bank Ltd, country's top private sector lender by assets, reported a 12 per cent increase in quarterly profit due to faster retail loans growth.

Net profit rose to Rs 3030 crore ($465 million)for its fiscal second quarter to September 30 from Rs 2,709 crore reported a year earlier, ICICI, which is also listed in New York, said in a statement.

Analysts on average had expected the lender to report a net profit of Rs 3,024 crore, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans were 3.77 per cent in the September quarter, compared with 3.68 per cent in the previous three months.

($1 = Rs 65.1600)

(Reuters)