ICICI Bank net profit rises 14%

ICICI Bank net profit rises 14%

Weighed by an increase in net and gross non-performing assets (NPAs), India’s largest private lender ICICI Bank on Friday reported a 14.09 per cent increase in standalone net profit for the third quarter ended December 31, 2014, at Rs 2,889.04 crore, compared with Rs 2,532.21 crore in the same quarter of the previous fiscal.

ICICI Bank MD & CEO Chanda Kochhar said, net interest income for the bank improved 13.08 per cent to Rs 4,811.66 crore compared with Rs 4,255.06 crore in the comparable quarter.

Net NPAs for the bank as of December 31, 2014, stood at Rs 4,831 crore compared with Rs 3,997 crore at September 31, 2014, and Rs 3,121 crore as of December 31, 2013.

Net NPA ratio stood at 1.12 per cent as of December 31, 2014, compared with 0.96 per cent as of September 31, 2014 and 0.81 per cent as of December 31, 2013.

Net loans to companies, whose facilities have been restructured, were at Rs 12,052 crore as of December 31, 2014 compared with Rs 11,020 crore as of September 30, 2014 and Rs 8,602 crore as of December 31, 2013.

Provisions for the quarter were at Rs 980 crore compared with Rs 850 crore in the second quarter of the same fiscal and Rs 695 crore in the third quarter of the previous fiscal. Net interest margins (NIMs) for the bank improved to 3.46 per cent compared with 3.32 per cent in the comparable quarter, last fiscal.

On a consolidated basis, the bank reported a 14 per cent increase in net profit for the third quarter at Rs 3,265 crore compared with Rs 2,872 crore in the third quarter of FY14. Total advances increased 13 per cent to Rs 3,75,345 crore as of December 31, 2014 compared with Rs 3,32,632 crore as of December 31, 2013. 

On the outlook on asset quality, Kochhar said for the full fiscal the bank will have lower restructured assets and fresh slippages than FY14, but stressed that the computation for FY15 should exclude recast assets slipping into NPAs.

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