Business Standard

ICICI Bank third-quarter profit slips 2.7 percent


(Reuters) - ICICI Bank reported a 2.7 percent fall in third-quarter net profit on Wednesday, missing analysts' estimates by a wide margin, as it set aside higher provisions.
Net profit fell to 16.05 billion rupees ($225.51 million) in the three months to Dec. 31, from 16.50 billion rupees a year earlier, India's third-biggest private-sector lender by market value said
That compares with analysts' average estimate for a profit of 18.36 billion rupees, I/B/E/S data from Refinitiv showed.
However, gross bad loans as a percentage of total loans, a measure of asset quality, fell to 7.75 percent at the end of December, from 8.54 percent in the previous quarter and 7.82 percent in the same period a year earlier.
($1 = 71.1720 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates and Mark Potter)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 30 2019 | 6:37 PM IST

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