ICICI Bank net profit rises 12%

Gross NPA ratio up 3.77% against 3.12%

ICICI Bank net profit rises 12%

ICICI Bank has reported a 12 per cent increase in standalone net profit for the second quarter ended September 30, 2015, at Rs 3,030 crore, compared with Rs 2,709 crore in the same quarter, the previous fiscal.

Net interest income for the bank increased 13 per cent to Rs 5,251 crore, as against Rs 4,657 crore, a year ago.

Provisions during the quarter stood at Rs 942 crore, compared with Rs 956 crore in the first quarter of the current fiscal and Rs 850 crore in the same quarter of the previous fiscal. Asset quality for the bank deteriorated marginally with gross NPA ratio at 3.77 per cent, compared with 3.12 per cent. Net NPA ratio during the quarter stood at 1.65 per cent, compared with 1.09 per cent in the same quarter previous fiscal. The bank’s provision coverage ratio, computed in accordance with RBI guidelines, was 57.4 per cent as on September 30, 2015.

Net loans to companies whose facilities have been restructured were Rs 11,868 crore ($1.8 billion) as on September 30, 2015, compared with Rs 12,604 crore ($1.9 billion) as on June 30, 2015.

Net interest margin for the bank improved to 3.52 per cent during the quarter from 3.42 per cent in the same quarter of the previous fiscal. Growth in domestic advances stood at 17 per cent (YoY). The bank’s savings account deposits grew by 14 per cent (YoY) as of September 30, 2015.

Divests in Gen insurance
ICICI Bank has decided to sell nine per cent stake in its general insurance arm, ICICI Lombard General Insurance, to its joint venture partner Fairfax Financial Holdings for around Rs 1,550 crore.

The proposed transaction values the company at Rs 17,225 crore ($2.6 billion).

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