ICICI Bank, India's largest private bank and provider of services including wealth management, has reported a 35.2 per cent rise in first-quarter profits from the same period last year. Net profit stood at R10.06 billion (around $224 million).

ICICI Prudential Asset Management Company’s profit after tax increased to $29 million from $155,902.

Total income, however, fell by 16.1 per cent, to R77.18 billion. The bank had a Tier-1 capital adequacy ratio of 14 per cent.

ICICI is the country's second-largest lender after state-run State Bank of India.