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4 months ago
India's ICICI Bank Q4 net profit jumps but lags estimates
May 3, 2017 / 1:13 PM / 4 months ago

India's ICICI Bank Q4 net profit jumps but lags estimates

MUMBAI, May 3 (Reuters) - ICICI Bank Ltd, India's third-biggest lender by assets, reported a smaller-than-expected growth in fourth-quarter net profit as bad loans rose.

Standalone net profit nearly tripled to 20.25 billion rupees ($315.7 million) for the three months to March 31, from 7.02 billion rupees reported a year earlier, the Mumbai-based lender said on Wednesday.

Analysts on average had expected a net profit of 22.04 billion rupees, according to Thomson Reuters data.

The bank's gross bad loans as a percentage of total loans rose to 7.89 percent as of end-March, from 7.2 percent at the end of December and 5.21 percent a year earlier. ($1 = 64.1500 Indian rupees) (Reporting by Devidutta Tripathy and Promit Mukherjee; Editing by Randy Fabi)

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