ICICI Bank Q3 net falls 32%

UPDATE 1-India's ICICI Bank posts smallest profit in seven quarters

Private sector lender, ICICI Bank, reported a drop of 32 percent in the Q3 net profit at Rs 1,650 crore against Rs 2,442 crore posted during the same period a year ago.

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.

Meanwhile, the net NPAs fell to Rs 23,810 crore against Rs 24,129 crore quarter on quarter.

Domestic loan growth for the bank picked up speed during the quarter, growing at 16 per cent year-on-year, propelled by retail loans which grew faster at 22 per cent y-o-y.

While most private sector banks revealed their bad loan divergences in the last quarter, ICICI Bank said, RBI observations do not require any disclosure from the bank after reviewing the account.


Gross non-performing assets (NPAs) also increased by 20.88 per cent to Rs 46,038.70 crore at the end of the December quarter from Rs 38,084.97 crore in the same quarter a year ago.

Gross NPA additions declined 37.76% to Rs 4,380 crore.

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. Net NPAs were at 4.2% in the December quarter compared to 4.43% in the previous quarter and 3.96% in the same quarter past year. Non-interest income fell 19.59% to Rs3,166.87 crore from Rs3938.31 crore a year ago. Deposits climbed 5.58% to Rs 5.17 trillion.

"We had Rs 900 crore treasury income and Rs 82 crore [in Q3 of FY17] from exchange rate gains which did not exist in Q3 [FY18]", said Chanda Kochhar, MD & CEO, ICICI Bank in the post earnings media interaction.

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