ICICI Bank quarterly profit tops estimates on strong loan growth

Robust demand: A pedestrian in front of the ICICI Bank’s head office in Mumbai. Retail loans, an area where ICICI Bank is focused, have been a major driver of credit expansion in the country. — Reuters.

MUMBAI: ICICI Bank Ltd’s first-quarter profit topped estimates, underpinned by sustained demand for retail loans in the world’s most populous country.

Net income climbed to 96.5 billion rupees (US$1.2bil or RM5.5bil) in the quarter ended June 30, compared with 69 billion rupees (RM3.8bil) a year ago, according to a statement Saturday.