ICICI Bank posts first-ever quarterly loss of Rs 1.2 billion on bad loans

Higher provisions take toll on bottom line; bank's net interest income rose 9% on YoY basis to Rs 61.02 bn in the current quarter

Private sector lender ICICI Bank reported its first-ever loss amounting to Rs 1.2 billion for the June 2018 quarter (Q1) on Friday as provisions for bad loans doubled. The bank had made a net profit of Rs 20.49 billion in the same period last year. 

The loss would have been higher if it weren’t for the Rs 11.1 billion profit on the sale of its 2 per cent stake in the life insurance arm, ICICI Prudential Life Insurance.

This was the first quarter after the bank’s MD and CEO, Chanda Kochhar, went on leave due to allegations of conflict of interest in