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India's ICICI Bank Q2 net profit up 2.4 pct; bad loans rise
November 7, 2016 / 10:53 AM / a year ago

India's ICICI Bank Q2 net profit up 2.4 pct; bad loans rise

MUMBAI, Nov 7 (Reuters) - ICICI Bank Ltd, India’s biggest private-sector lender by assets, said on Monday its second-quarter profit rose 2.4 percent, beating analyst estimates, helped by lower tax expenses.

Standalone net profit rose to 31.02 billion Indian rupees ($464.86 million) for the three months to Sept. 30 from 30.30 billion rupees reported a year earlier.

That compared with the 25.65 billion rupees average of 26 analyst estimates, according to Thomson Reuters data.

Bad loans as a percentage of total loans rose to 6.82 percent as at the end of September, from 5.87 percent at the end of June. ($1 = 66.7300 Indian rupees) (Reporting by Devidutta Tripathy and Swati Bhat; Editing by Keith Weir)

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