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ICICI Bank Q1 profit dips 8%

ICICI Bank Ltd, India’s second largest lender by assets, on Thursday reported an 8.2% decline in June quarter net profit on a surge in bad loans and slow credit growth.Net profit in the fiscal first quarter fell to Rs2,049 crore from Rs2,232.35 crore a year ago. The bank had been expected to post a profit of Rs2,001.50 crore, based on a poll of 20 analysts by Bloomberg.
Advances remained largely unchanged at Rs4.64 trillion from a quarter ago. Deposits fell 0.77% to Rs4.86 trillion on a sequential basis.Gross non-performing assets (NPAs) jumped 56.5% to Rs43,147.64 crore at the end of June from Rs27,562.93 crore a year ago. On a quarter-on-quarter basis, NPAs rose 1.4% from Rs42,551.54 crore.

Gross NPAs made up 7.99% of ICICI Bank’s total loans, up from 7.89% in the previous quarter and 5.28% in the year-ago period. Net NPAs, the bad loans against which provisions had been made, made up 4.86% of the loan book at the end of June, compared to 4.89% in the previous quarter and 3.01% a year ago.
At the end of June, the bank had total exposure of Rs6,889.46 crore to 12 accounts which the Reserve Bank of India (RBI) has directed creditors to refer for insolvency proceedings under the Insolvency and Bankruptcy Code.
The bank set aside Rs2,827.66 crore to cover the risk of default by these borrowers.Net interest income (NII), or the core income a bank earns by giving loans, increased 8.36% to Rs5,589.84 crore from Rs5,158.52 crore last year. Non-interest income, including that from fees and commissions, fell 1.21% to Rs3,387.91 crore from Rs3,429.26 crore in the same period last year.
Provisions and contingencies rose 3.75% to Rs2,608.74 crore in the quarter from Rs2,514.52 crore a year ago. On a quarter-on-quarter basis, the figure dropped 10% from Rs2,898.22 crore in the March quarter.

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