ICICI Bank second-quarter profit halves, but asset quality improves [Reuters]
ICICI Bank Limited (IBN)
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Source: Reuters
ICICI Bank second-quarter profit halves, but asset quality improves | Reuters 2 Min Read (Reuters) - ICICI Bank reported on Friday a bigger than expected 56 percent decline in second-quarter net profit, as expenses increased, but the lender’s bad loan ratio improved. India’s third-largest bank by assets said net profit came in at 9.09 billion rupees ($124 million) for the three months ended Sept. 30, compared with 20.58 billion rupees a year earlier. Analysts had forecast a second-quarter profit of 9.98 billion rupees, according to Refinitiv data. Still, the bank’s performance was better than the first quarter when it made a quarterly loss for the first time in at least 16 years due to higher provisions. ICICI said second-quarter profit was partly hit by a 10.6 percent rise in operating expenses to 43.24 billion rupees. The bank is facing a change of its top management after Chief Executive Officer Chanda Kochhar resigned this month after being mired in allegations of nepotism. Kochha
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Sec Filings
- 4/26/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/19/24 - Form 6-K
- IBN's page on the SEC website