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

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

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

The country's largest private sector lender ICICI Bank has reported an over 27% 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 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% 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%  to Rs 5,705 crore from Rs 5,363 crore from a year ago.

The domestic net interest margin was 3.53%  and the overall net interest margin was 3.14%  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% of the gross advances as on December 31, 2017 against 7.20%  on December 31, 2016.

Net NPAs too increased to 4.20% of the net advances at end December from 3.96% 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  with Rs 625 crore in the year-ago quarter.

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

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