ICICI bank profit jumps 17% beating expectations, stock falls 0.5%

ICICI Bank, India's second-biggest lender by assets, reported a 17 percent rise in quarterly profit, beating estimates, helped by loan growth and higher fee income.

Net profit for its fiscal first quarter ended June rose to Rs 2655 crore ($440 million) from Rs 2274 crore a year earlier. Analysts were expecting the number to be at Rs 2573 crore.

Net non-performing loans as a percentage of loans were 0.99 percent compared with 0.97 percent in the previous quarter.

Net interest income, the difference between interest earned and paid, grew 18 percent annually to Rs 4492 crore in the quarter. Its other income grew by 14.7% for the quarter over the same period last year.

Its gross non performing assets (NPA) increased 8.3 percent to Rs 10,843 crore and net NPA jumped 39.2 percent to Rs 3,428 crore year-on-year.

Its capital adequacy ratio came down from 17.04% to 17% compared to the same quarter an year earlier.

The stock is more or less flat falling 0.5% after the results. It stands at Rs 1481 at the Sensex.