ICICI Bank Profit Falls Nearly 56% To Rs 909 Crore In September Quarter

ICICI Bank on Friday reported a net profit of Rs 908.88 crore for the July-September period. That marked a nearly 56 per cent fall from a net profit of Rs 2,058.19 crore posted for the corresponding period a year ago. The net profit fell short of Street estimates. Analysts on an average had expected a net profit of Rs 998 crore in Q2, news agency Reuters reported citing Refinitiv data. Total income stood at Rs 18,262.12 crore during the period, marking a decrease of 2.7 per cent from the year-ago period.

Net interest income for the quarter ended September 30, 2018 rose 12.4 per cent to Rs 6,418 crore, from Rs 5,709 crore in the year-ago period, according to a regulatory filing by the banking major.

Net interest margin - the difference between the interest generated and interest paid - rose to 3.33 per cent in Q2, from 3.19 per cent in the previous quarter.

Gross NPA (non-performing assets) additions dropped to Rs 3,117 crore in Q2, from Rs 4,036 crore in the quarter ended June 30, 2018. Gross bad loans as a percentage of total loans stood at 8.54 per cent at September-end, as against 8.81 per cent in the previous quarter, and 7.87 per cent in the corresponding period a year ago.

The net NPA ratio decreased to 3.65 per cent at the end of the September quarter, from 4.19 per cent at the end of the June quarter.

ICICI Bank shares closed 1.8 per cent lower at Rs 314.30 apiece on the NSE, whose benchmark index Nifty declined 0.9 per cent to finish at its lowest level since March 23, ahead of the earnings announcement by the private sector lender.