ICICI Bank makes US$376.7 million net profit

Non-performing loans increase, however.

ICICI Bank Ltd, India's second largest lender by assets, posted said this 25.3% increase in first-quarter net profit was in line with estimates. Its year earlier net profit stood at US$300 million.

It said the profit growth was due to loan growth and increases in fee and commission income. Net interest income rose 19.6% to US$630 million

Net interest margin, a key indicator of profitability, stood at 3.27% for the quarter-ended June compared with 3.01% a year ago, ICICI said.

Asset quality at the bank worsened slightly, however, with net non-performing loans at 0.82% of its total assets compared with 0.71% a year earlier. Provisions for bad loans and contingencies rose 27% to US$97.8 million.

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