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Stock impact report

India's ICICI Bank profit beats estimates on strong loan growth, lower provisions [CNBC]

ICICI Bank Limited (IBN) 
Company Research Source: CNBC
Analysts had expected a profit of 126.52 billion rupees, according to LSEG data. Deposits rose 11.4% during the quarter. India's ICICI Bank reported a stronger-than-expected rise in fourth-quarter profit on Saturday, driven by robust loan growth and lower provisions for bad loans. The country's second-largest private lender by market capitalisation posted a standalone net profit of 137.02 billion Indian rupees ($1.48 billion) for the three months to March 31, up from 126.30 billion rupees a year earlier. Analysts had expected a profit of 126.52 billion rupees, according to LSEG data. The lender's executive director Sandeep Batra said profits were supported by lower provisions, recoveries from written-off accounts and growth in core interest income, but he did not give a forecast for the new fiscal year, citing ongoing geopolitical uncertainties. “We are mindful of the geopolitical developments and are keeping a close eye,” Batra said. Indian banks saw credit demand pick Show less Read more
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