ICICI Bank Q1 Net Beats Estimates, Bad Loans Ease

Analysts on average had expected ICICI Bank to report a net profit of 29.2 billion rupees, according to data compiled by Thomson Reuters.

MUMBAI: ICICI Bank Ltd, India's biggest private sector lender by assets, reported a 12 percent rise in quarterly profit, beating estimates, and its bad loan ratio fell sequentially, sending its shares higher by more than 5 percent.

Net profit rose to 29.76 billion rupees ($465 million) for its fiscal first quarter to June 30, from 26.55 billion rupees reported a year earlier, the lender, which is also listed in New York , said in a statement.

Analysts on average had expected ICICI Bank to report a net profit of 29.2 billion rupees, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans fell to 3.68 percent from 3.78 percent in the March quarter.