ICICI Bank net profit dips 2.75% to ?1604.91 crore

ICICI Bank Ltd on Wednesday said its third quarter net profit declined 2.75% on the back of higher provisioning. The bank posted a net profit ?1,604.91 crore for the three months ended 31 December compared to ?1,650.24 crore in the same period a year ago. The bank’s profit was lower than ?1,965.20 crore estimated by a Bloomberg poll of 20 analysts.

Provisions during the quarter increased 18.90% to ?4,244.15 crore against ?3,569.56 crore in the same quarter a year ago. In the July-September quarter, the bank had set aside ?3,994.29 crore in provisions.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 20.51% to ?6,875.25 crore from ?5,705.27 crore in the corresponding period last year.

Other income, which includes core fee income, rose 22.61% to ?3,882.85 crore during the three months from ?3,166.87 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were 7.75% in the December quarter compared with 8.54% in the September quarter and 7.82% in the year-ago December quarter.

Post-provision, the net NPA ratio was 2.58% against 3.65% in the July-September quarter and 4.20% in the year-ago quarter.

On Wednesday, shares of ICICI Bank gained 5.29% to close at ?365.25 apiece, while the banking index Bankex gained 1.36% to close at 30,217.43 points.

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