ICICI Bank reports 12% rise in Q1 profit

ICICI Bank Ltd, India's biggest private sector lender by assets, has reported a 12% rise in quarterly profit.

A bank statement said that net profit rose to 29.76 billion rupees (US $465 million) for its fiscal first quarter to June 30, from 26.55 billion rupees reported a year earlier.

It was expected that the bank would report a net profit of 29.2 billion rupees, according to previously compiled data.