ICICI Bank records slowest quarterly profit growth
(30 April 2015 – India) ICICI Bank Ltd, India’s largest private sector lender by assets has reported a net income of 29.2 billion rupees (A$444 million), up 10 percent in the three months to 31 March.
The bank’s focus is on improving loan growth and curtailing soured debt, passing on two central bank interest rate cuts this year to consumers.
ICICI also lowered its base rate to 9.75 percent, the lowest among India’s largest lenders.
Unfortunately the bad loans had increased enough to cause the slowest quarterly profit growth in five years for the bank.
However the result beat most analyst’s forecasts of only a 28.9 billion rupee median.
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