Lender ICICI’s profit surges an impressive 78%

ICICI Bank’s asset quality risk is less than its peers given the lender’s large exposure to the secured mortgage and vehicle business as part of its total loan book.

NEW DELHI: ICICI Bank Ltd posted a 78% jump in profit in the first quarter, helped by strong net interest earnings and lower bad loan buffers amid the recent deadly coronavirus wave.

Net income at India’s second-largest private lender stood at 46.16 billion rupees (US$620mil or RM2.62bil) in the three months to June, compared with 25.99 billion rupees (RM1.48bil) a year ago, according to a statement.