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ICICI Bank Q3 net profit dips 27% to Rs 1,894 cr

Press Trust of India  |  New Delhi 

Country's largest private sector lender ICICI Bank has reported an over 27 per cent fall in its consolidated net profit at Rs 1,894 crore for the quarter to December 2017 as bad loans remained elevated.

The bank had registered a net profit of Rs 2,611 crore in the corresponding October-December quarter of 2016-17.

Income on consolidated basis was higher at Rs 28,501 crore during the quarter ended December of 2017-18 as against Rs 27,876 crore in the same period a year ago, the bank said in a regulatory filing.

On standalone basis, the net profit was down by 32.4 per cent to Rs 1,650 crore during the quarter ended December 2017 from Rs 2,442 crore in the same period of the previous fiscal.

The net interest income -- a key gauge of profitability -- grew by 6 per cent to Rs 5,705 crore from Rs 5,363 crore from a year ago.

The domestic net interest margin was 3.53 per cent and the overall net interest margin was 3.14 per cent in the third quarter, the bank said.

Asset quality of the bank witnessed further deterioration with the gross non-performing assets (NPAs) moving up to 7.82 per cent of the gross advances as on December 31, 2017 against 7.20 per cent on December 31, 2016.

Net NPAs too increased to 4.20 per cent of the net advances at end December from 3.96 per cent by the same period year earlier.

NPA provisions and contingencies thus were increased to Rs 3,569.56 crore for December quarter, fairly up from Rs 2,712.70 crore put aside in the corresponding year ago period.

ICICI Bank said it made recoveries and upgrades of Rs 1,108 crore from bad loans in October-December of this fiscal, compared to Rs 625 crore in the year-ago quarter.

Stock of the bank closed 0.24 per cent up at Rs 353.45 on the BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 31 2018. 17:40 IST
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