India : ICICI Bank Q1 profit falls 25 percent, bad loans tick up

MUMBAI : ICICI Bank Ltd (ICBK.NS), India’s top private sector lender by assets, said quarterly profit fell 25 percent as its bad loans ticked up, although the decline was smaller than expected.

Net profit fell to 22.32 billion rupees ($ 333.26 million) for its fiscal first quarter to June 30, from 29.76 billion rupees 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 (IBN.N), 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 percent in the June quarter, compared with 5.82 percent in the previous three months.