ICICI Bank Q3 result, Profit falls 19% to Rs2,441.82 crore

ICICI Bank on Tuesday reported a 19.09% decline in net profit for the December quarter as bad loans climbed.

Net profit for the quarter stood at Rs2,441.82 crore against Rs3,018.13 crore a year ago. According 20 analysts polled by Bloomberg had made a forecast a net profit of Rs2,466.7 crore.Net interest income (NII) or the core income a bank earns by giving loans fell marginally by 1.64% to Rs5,363.35 crore from Rs5,452.96 crore last year. Other income fell 6.61% to Rs3,938.31 crore from Rs4,216.88 crore in the same period last year.

Provisions and contingencies fell 61.7% to Rs2,712.70 crore in the quarter from Rs7,082.69 crore a quarter ago. On year on year basis they fell 4.62% from Rs2,844.05 crore.Gross NPAs (non performing assets) or bad loans rose 17.21% to Rs3,7716.73 crore at the end of the December quarter from Rs3,2178.60 crore in the September quarter. On year on year basis they jumped 78.34% from Rs21,149.19 crore.

As a percentage of total loans, gross NPAs stood at 7.91% at the end of the December quarter as compared to 6.82% in the previous quarter and 4.72% in the year ago quarter.Net NPAs were at 4.35% in the December quarter compared to 3.57% in the previous quarter and 2.28% in the same quarter last year.Deposits rose 14.23% to Rs4.65 trillion while advances rose 5.21% to Rs4.57 trillion.