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ICICI Bank: Just an optical improvement

Helped by closure of JP Associates deal, NPAs look lower than Q4 levels

Hamsini Karthik  |  Mumbai 

ICICI Bank's standalone June quarter (Q1) results, announced after market hours, weren't any encouraging, except that the bank was rescued to a thankful extent by the closure of JP Associates' cement plant sale deal with UltraTech on June 29. An eight per cent year-on-year (y-o-y) growth in net interest income at Rs 5,590 crore wasn't enough to cushion the bad loan provisioning. Net profit fell eight per cent y-o-y to Rs 2,049 crore. The year-ago period included exchange rate gains of Rs 206 crore, a practice discontinued after a Reserve Bank directive in April 2017. The ...

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First Published: Fri, July 28 2017. 00:01 IST
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