ICICI Bank Q3 net profit drops 2.7% to Rs 1,605 cr; bad loans ease

India's ICICI Bank third-quarter profit slips 2.7 pct Jan 30 (Reuters) -

ICICI Bank reported a 2.7 percent fall in third-quarter net profit on Thursday, missing analysts' estimates by a wide margin, as it set aside higher provisions.
 

Net profit fell to Rs 1,605 crore ($225.51 million) in the three months to December 31, from Rs 1,650 crore a year earlier, India's third-biggest private-sector lender by market value said. 
 

That compares with analysts' average estimate for a profit of Rs 1,836 crore, data from Refinitiv showed.
 

However, gross bad loans as a percentage of total loans, a measure of asset quality, fell to 7.75 per cent at the end of December, from 8.54 per cent in the previous quarter and 7.82 per cent in the same period a year earlier.