ICICI Bank net declines 34%

28 October, 2017, 01:18 | Author: Jeffery Armstrong
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ICICI, among the three domestic banks considered "too big to fail" by the country's central bank, reported a net profit of 20.58 billion rupees ($316.51 million) in the quarter ended September 30, missing analysts' expectations of 24.91 billion rupees. The bank had been expected to post a profit of Rs2,570.10 crore, based on a Bloomberg poll of 21 analysts.

Gross bad loans as a percentage of total loans jumped to 1.82 percent at end-September from 0.97 percent a quarter earlier and 0.83 percent in the year-ago period. The fall in profit is attributable to the one-time gain of ₹5,682 crore booked in the second quarter of the previous financial year.

The gross and net NPA as on September 30 stood at Rs 32,457.50 crore and Rs 16,482.52 crore.

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In the year-ago quarter, the lender had gained Rs5,682.03 crore by selling a stake in its life insurance arm.

Its managing director and chief executive Chanda Kochhar attributed the fall in profit primarily due to the one time gain previous year, which dwarfs the approximately Rs 2,100 crore made through the sale of stake in general insurance arm during the reporting quarter.

Net interest income increased 9% on a year-on-year basis to ₹5,709 while net interest margin remained stable sequentially at 3.27% in Q2-2018, and increased 14 basis points as compared with the year-earlier period. Kochhar said they included Rs 651 crore in provisions towards dud assets mandated to be resolved under the insolvency laws.

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At ICICI Bank, gross NPA additions declined to Rs4,674 crore in the fiscal second quarter from Rs4,976 crore a quarter ago and Rs8,029 crore a year ago.

The write-offs came at Rs 2,298 crore, while the recoveries and upgrades stood at Rs 1,029 crore.

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The provisioning against NPAs rose from Rs 1,558.37 crore in September quarter 2016-17 to Rs 1,949.81 crore in the quarter under review. She forecast domestic loan growth in the financial year to be about 15 percent, led by as much 20 percent rise in retail loans. The outstanding exposure to these accounts is Rs10,476 crore, and 98.7% of the amount is classified as an NPA.


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