ICICI Bank beat street estimates with a 21.6 per cent rise

India's No. 2 lender ICICI Bank beat street estimates with a 21.6 per cent rise in second-quarter profit, led by higher income from interest and investments, and lower provisions for bad loans.
The bank said its net profit in the September quarter rose to 15.03 billion rupees ($308.3 million) from 12.36 billion rupees a year ago. Its net interest income grew nearly 14 per cent to 25.1 billion rupees, in line with estimates.
A Reuter’s poll had projected net profit at 14.3 billion rupees. Its net non-performing assets as a percentage of total loans fell to 0.93 per cent at end-September from 1.62 per cent a year ago.