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ICICI Bank Bad Loans Jump in Q3; Net Profit in Line With Estimates

Analysts on average had expected a net profit of 30.17 billion rupees for the bank, which is also listed in New York.

Published: 28th January 2016 04:03 PM  |   Last Updated: 28th January 2016 04:08 PM   |  A+A-

MUMBAI: ICICI Bank Ltd, India's biggest private sector lender by assets, reported a surge in bad loans for the December quarter partly due to a central bank direction to reclassify some troubled loan accounts as bad loans.

Net profit rose 4.5 percent to 30.18 billion rupees ($443 million) for its fiscal third quarter to Dec. 31, from 28.89 billion rupees reported a year earlier, the bank said in a statement on Thursday.

Analysts on average had expected a net profit of 30.17 billion rupees for the bank, which is also listed in New York.

Gross bad loans as a percentage of total loans widened to 4.72 percent in the December quarter from 3.77 percent in the previous three months.


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