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ICICI Bank net profit slips 34 per cent to Rs 2,058 crore

Gross non-performing assets (NPA) shot up 37 per cent at Rs 44,488.54 crore over the previous year, while net NPAs rose 8 per cent.

Published: 27th October 2017 05:38 PM  |   Last Updated: 28th October 2017 08:21 AM   |  A+A-

ICICI

Analysts on average had expected a net profit of 24.91 billion rupees | Reuters

By Express News Service

MUMBAI: Private-sector lender ICICI Bank Ltd’s net profit fell a staggering 33.7 per cent at Rs 2,058.19 crore for the quarter ended September 2017 against Rs 3,102.27 crore recorded during the same period a year ago. The bank registered a profit of Rs 2,570.10 crore in the preceding quarter ended June.

Net interest income rose 9 per cent at Rs 5,709.07 crore over last year, but other income plunged 43.13 per cent to Rs 5,186.24 crore, primarily due to the base effect. Gross non-performing assets (NPA) shot up 37 per cent at Rs 44,488.54 crore over the previous year, while net NPAs rose 8 per cent.

The bank has an exposure of Rs 10,475 crore towards the 18 stressed accounts (RBI’s second list of accounts for clean-up) and where the bank had initiated insolvency proceedings and made a provisioning of 31.5 per cent. Provisions and contingencies fell 36.42 per cent at Rs 4,501.93 crore over last year, but grew 73 per cent on a sequential basis.

According to Chanda Kochhar, managing director & CEO, ICICI Bank, the bank was yet to hear from RBI on the divergence between the central bank’s estimate for bad loans and its own estimate.
The bank’s tier-I capital stood at 14.85 per cent including the profits for the half year.

Bad loans spike
The  gross NPA shot up 37 per cent to H44,488 crore over the previous year, while net NPAs rose 8 per cent. The bank has an exposure of H10,475 crore towards the 18 stressed accounts



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