UPDATE 1-Lower provisions help India's ICICI bank swing to Q1 profit [Reuters (UK)]
ICICI Bank Limited (IBN)
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Source: Reuters
UPDATE 1-Lower provisions help India's ICICI bank swing to Q1 profit - Reuters 2 Min Read * Q1 profit 19.08 bln rupees vs 1.20 bln loss year-ago * Q1 provisions $507 mln vs $865 mln year-ago (Adds details on financial results) By Nupur Anand MUMBAI, July 27 (Reuters) - ICICI Bank Ltd, India’s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth. Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement. But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data. ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion. Quarterly provisions fell to $507 million from $865 million
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