ICICI Bank Q1 net slips 22% to Rs 2,516 cr

Net NPAs of the bank rose to 3.35% against 1.58% in the same period a year ago

Private sector lender ICICI Bank today reported 22.1% decline in consolidated net profit at Rs 2,516 crore for the quarter ended June 30 as bad loans mounted.

The bank had posted consolidated net profit of Rs 3,232 crore in the same quarter of the last fiscal.

On standalone basis, its net profit was down 25% to Rs 2,232 crore as against Rs 2,976 crore in the first quarter (April-June) of the 2015-16 fiscal.

The gross non-performing assets (NPAs) of the bank as a percentage of total advances jumped to 5.87% during the quarter under review from 3.68% a year ago, ICICI Bank said in a statement.

Net NPAs of the bank also rose to 3.35% against 1.58% in the same period a year ago.

In absolute terms, the GNPA rose to Rs 27,194 crore as against Rs 15,138 crore in the first quarter of the previous fiscal.

Total provisions rose nearly three-fold to Rs 2,515 crore in the first quarter compared with Rs 956 crore in the same period a year ago.

The bank's provisioning coverage ratio, including cumulative prudential or technical write-offs, was 57.1% at June, it said.

Net loans to companies whose facilities have been restructured were Rs 7,241 crore at June compared to Rs 8,573 crore at March, 2016, it added.

Total income of the bank rose to Rs 16,760 crore in the first quarter of 2015-16, from Rs 15,802 crore in the three month period of last fiscal.

During the quarter net interest income was almost static at Rs 5,159 crore as against Rs 5,115 crore in the same period a year ago.

The year-on-year growth in domestic advances was 17%. The bank has continued to achieve strong growth in its retail business, resulting in a year-on-year growth of 22% in the retail portfolio.

The statement further said ICICI Prudential Life Insurance Company has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 181,341,058 equity shares of ICICI Life, representing approximately 12.65% of its equity share capital, for cash, through an offer for sale by the bank.

ICICI Lombard General Insurance's gross written premium increased by 39.3% from Rs 2,122 crore to Rs 2,955 crore at the end of June 2016 quarter.

The profit after tax of ICICI General was Rs 131 crore compared to Rs 116 crore in the same quarter of the previous fiscal.

Shares of ICICI Bank closed at Rs 262.85, down 3.40%, on the BSE.