ICICI Bank Ltd, India’s third-largest lender by assets, posted a near 50% drop in its fourth-quarter net profit as its provisions for bad loans surged.
Net profit for the three months to 31 March fell to Rs1,020 crore ($151.94 million) from Rs2,025 crore a year earlier, the bank said in a statement on Monday.
Twelve analysts on average had expected the company to post a net profit of Rs1,077 crore, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans was 8.84% at the end of March, compared with 7.82% at the end of the previous quarter and 7.89% a year earlier.
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