ICICI Bank profit up 31pct, bad loans falling
MUMBAI, India (AP) — ICICI Bank says quarterly profits are up 31 percent on strong loan growth and improving asset quality.
Standalone net income for the January to March quarter was a better-than-expected 19.0 billion rupees ($374 million), up from 14.5 billion rupees a year ago.
India's largest private lender says bad loans are falling, defying concerns about worsening credit quality in India.
Income from noncore activities, like leases and investments in treasuries, also helped the bank's earnings.
Friday's numbers drove the stock up over 3.5 percent in Mumbai.