You are here: Home » Companies » Results
Business Standard

ICICI Bank posts surprise first-quarter loss as provisions surge

Gross bad loans as a percentage of total loans was 8.81 per cent at the end of June, compared with 8.84 per cent at the end of the previous quarter and 7.99 percent a year earlier

Reuters 

The HFC's loan book currently stands at  ~ 100 billion and the company aims to triple it to Rs 300 billion in three-four years

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

Analysts on average had expected a of Rs 14.62 billion, according to Thomson Reuters.

Gross bad loans as a percentage of total loans was 8.81 per cent at the end of June, compared with 8.84 per cent at the end of the previous quarter and 7.99 percent a year earlier.

First Published: Fri, July 27 2018. 18:11 IST
RECOMMENDED FOR YOU