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* First quarter profit: 19.08 billion rupees against 1.20 billion losses a year ago
* Provisions for the first quarter of $ 507 million vs. $ 865 million a year ago (Adds details of financial results)
By Nupur Anand
MUMBAI, July 27 (Reuters) – ICICI Bank Ltd, the second-largest private lender in India, reported a quarterly profit on Saturday against a loss of the previous year, thanks to lower provisions and stronger growth. loans to individuals.
Net income for the quarter ended June 30 was set at 19.08 billion rupees ($ 277.04 million), compared with a loss of 1.20 billion rupees at the same time. last year, the bank said in a statement.
But the profit was slightly lower than the average forecast of 20 badysts set at 20.87 billion rupees, according to data from Refinitiv.
ICICI, which was recently under pressure from rising bad debt, said net non-performing badets at the end of the June quarter were down 51% to $ 1.17 billion.
Quarterly provisions increased from $ 865 million a year ago to $ 507 million.
The net interest margin, a key indicator of the bank's profitability, stood at 3.61% for the quarter, compared to 3.19% for the same quarter of the previous year.
Earlier this week, Kotak Mahindra Bank Ltd, a subsidiary of ICICI, reported a profit slightly below estimates and joined the country's largest private lender, HDFC Bank, to warn of slowing domestic growth.
The warnings of private lenders in Asia's third-largest economy, which faced a large volume of distressed loans, frightened investors.
$ 1 = 68.8700 Indian rupees
Nupur Anand report in Mumbai; Written by Zeba Siddiqui;
Edited by Richard Pullin and Mark Potter
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