ICICI Bank Shares Jump as Loan Growth Buoys Profit to Record
- Net income jumps to 55.1 billion rupees in the second quarter
- Opportunity to boost profits as India’s economy rebounds
An ICICI Bank Ltd. branch in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
ICICI Bank Ltd.’s shares climbed after the lender posted a record profit in the second quarter, buoyed by strong loan growth as consumer demand improved in India.
Net income at the country’s second-largest private lender stood at the highest-ever 55.1 billion rupees ($734 million) in the quarter ended September, compared with 42.5 billion rupees a year ago, it said in a statement Saturday. That beat the average estimate of 49.8 billion rupees from nine analysts in a Bloomberg survey.