New Delhi: The country's largest private sector lender ICICI Bank on Wednesday reported 2.7 percent decline in standalone net profit to Rs 1,604.91 crore for the third quarter ended December 2018 as provisions for bad loans increased.
The bank had registered Rs 1,650 crore net profit in the corresponding quarter of 2017-18.
The total income rose to Rs 20,163.25 crore during the quarter as compared to Rs 16,832.22 crore in the same period a year ago, ICICI Bank said in a statement.
The bank's asset quality improved slightly with gross non-performing assets (NPAs) falling to 7.75 percent of gross loans at December-end 2018 compared to 7.82 percent a year ago.
Net NPAs too came down to 2.58 percent of total advances from 4.20 percent at December-end 2017.
However, the provisions other than tax and contingencies rose to Rs 4,244.15 crore during the quarter as against Rs 3,569.56 crore in the year-ago period.
In absolute term, gross bad loans of the lender stood at Rs 51,591.47 crore as on 31 December, 2018 as compared to Rs 46,038.70 crore a year ago.
Net bad loans were valued at Rs 16,252.44 crore as against Rs 23,810.25 crore in the same quarter previous fiscal.
On a consolidated basis, the net profit declined marginally by 1 percent to Rs 1,874 crore during the quarter ended December 2018 from Rs 1,894 crore in the corresponding quarter last fiscal.
Income, on a consolidated basis, was higher at Rs 33,433 crore during the quarter ended December 2018-19 from Rs 28,501 crore in the year-ago period.
During the quarter, the statement said the net interest income increased by 21 percent to Rs 6,875 crore as against Rs 5,705 crore.
Treasury income rose substantially to Rs 479 crore in the quarter compared to Rs 66 crore.
The net interest margin was 3.40 percent in the third quarter.
ICICI Bank said the recoveries and upgrades in the quarter included Rs 720 crore on account of the impact of rupee appreciation on existing foreign currency NPAs.
Shares of the bank closed 5.29 percent up at Rs 365.25 apiece on the BSE.
To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day.
To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Jan 30, 2019 19:15:32 IST