India’s ICICI Bank posted a record first-quarter net profit of 96.48 billion rupees ($1.18 billion), exceeding analysts’ forecast.

Net interest income rose 38%, and net interest margin rose to 4.78%.

Retail loans led 20.6% of loan growth, while deposits climbed 17.9%.

Indian loan growth remains in double digits, with banks increasing their deposit base amid limited liquidity.

ICICI Bank’s gross non-performing assets ratio was 2.76%, and the bank booked 12.92 billion rupees in provisions and contingencies.