ICICI Bank Ltd , India's second-largest private lender, reported a quarterl...
), India’s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.
Net profit for the fiscal first quarter ended June 30 was 19.08 billion rupees , compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement. ICICI, like its peers, also said India’s ongoing economic slowdown weighed on its performance in the quarter. The bank’s corporate loan book grew at a pace of 13% in the quarter, while its retail loan book grew 22% in the period.
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