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.
