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ICICI Bank Reports Record Fourth-Quarter Profit as Credit Grows

ICICI Bank Ltd. (ICICIBC)India’s second-largest lender by assets, posted a record profit for the fourth quarter as loans grew, helping offset an increase in defaults.

Net income rose 15 percent to 26.5 billion rupees ($435 million), or 22.97 rupees a share, for the three months ended March 31, from 23 billion rupees, or 19.98 rupees, a year earlier, the Mumbai-based lender said in an exchange filing today. That compared with the 25.4 billion-rupee median of 37 analyst estimates compiled by Bloomberg.