July 27, 2018 / 12:29 PM / in 25 days

India's ICICI Bank posts surprise Q1 loss as provisions surge

July 27 (Reuters) - ICICI Bank Ltd, India’s third-largest lender by assets, reported a surprise first-quarter net loss on Friday on higher provisions for bad loans and treasury losses.

The bank made a net loss of 1.20 billion rupees ($17.47 million) in the three months to June 30, compared with a profit of 20.49 billion rupees a year earlier, it said in a statement here

Analysts on average had expected a net profit of 14.62 billion rupees, according to Thomson Reuters I/B/E/S.

Gross bad loans as a percentage of total loans was 8.81 percent at the end of June, compared with 8.84 percent at the end of the previous quarter and 7.99 percent a year earlier. ($1 = 68.6800 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates and Jan Harvey)

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