ICICI Bank net dips 19%

ICICI Bank net dips 19%

ICICI Bank has reported a 19.08% decline in standalone net profit for the quarter ended December 31, 2016 at Rs 2,442 crore compared with Rs 3,018 crore in the same quarter last year on higher bad loans.

 Net interest income for the bank declined marginally by 1.65% to Rs 5,363 crore against Rs 5,453 crore in Q3FY16. Provisions during the quarter declined 4.6% to Rs 2,713 crore against Rs 2,844 crore in the same period last year.

 The bank’s net non-performing asset ratio was 3.96% as on December 31, 2016, compared with 3.21% in the sequential quarter (September 30, 2016). The bank witnessed a good growth in savings as well as current account deposits due to demonetisation. During Q3FY17, there was an accretion of Rs 26,705 crore to CASA deposits.

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