Mumbai: ICICI Bank Ltd, India’s second largest lender by assets, on Thursday reported an 8.2% decline in June quarter net profit on a surge in bad loans and slow credit growth. Net profit in the fiscal first quarter fell to Rs2,049 crore from Rs2,232.35 crore a year ago. The bank had been expected to post a profit of Rs2,001.50 crore, based on a poll of 20 analysts by Bloomberg. Net interest income (NII), or the core income a bank earns by giving loans, increased 8.36% to Rs5,589.84 crore from Rs5,158.52 crore last year. Shares of ICICI Bank Ltd closed at Rs307.05 on the BSE, down 1% from the previous close, while the benchmark Sensex index closed unchanged at 32,383.30 points.

Source: Mint July 27, 2017 12:10 UTC