ICICI Bank swings into black in first quarter on higher retail loan growth

ICICI, like its peers, also said India's ongoing economic slowdown weighed on its performance in the quarter

ICICI Bank Ltd, 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 Rs 190.8 crore ($277.04 million), compared with a loss of Rs 120 crore in the same period a year ago, the bank said in a statement.

But the profit fell slightly short of the average forecast of Rs 208.7 crore from 19 analysts, according to Refinitiv data.

ICICI, like its peers, also said India’s ongoing economic slowdown weighed on its