ICICI Bank net profit down 32% in Q3

Mumbai, Jan 31 : ICICI Bank Ltd on Wednesday reported a 32.42 per cent fall in its net profit to Rs 1,650.24 crore for the quarter ended December 31, as compared to Rs 2,441.82 crore in the same period last year.

Net interest income grew by 6 per cent to Rs 5,705 crore in the quarter under review compared to Rs 5,363 crore in the corresponding quarter of 2016-17.

Total advances increased by 10 per cent to Rs 505,387 crore at the end of December quarter from Rs 457,469 crore at December 31, 2016 while total deposits increased by 11 per cent to Rs 517,403 crore at December 31, 2017.

The Bank had a network of 4,860 branches and 14,262 ATMs at December 31, 2017.

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 last year.

Provisions and contingencies, for the quarter under review, rose 31.58 per cent to Rs 3,569.56 crore from Rs 2, 712.70 crore a year ago.

The gross NPA ratio decreased to 7.82 per cent at December quarter from 7.87 per cent at September 30, 2017, while net NPA ratio also decreased to 4.20 per cent at the end of December quarter from 4.43 per cent.

The Bank’s capital adequacy at December 31, 2017 as per Reserve Bank of India guidelines on Basel III norms was 17.65 per cent and Tier-1 capital adequacy was 14.57 per cent compared to the regulatory requirements of 10.35 per cent and 8.35 per cent respectively.

IANS