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TOPIC: Provisions drag ICICI Bank Q1 profit 25%, net NPAs

Provisions drag ICICI Bank Q1 profit 25%, net NPAs 1 year 1 month ago #11108

India's largest private sector lender ICICI Bank 's April-June quarter standalone profit fell sharply by 25 percent year-on-year to Rs 2,232.4 crore, dented by jump in provisions, but was ahead of estimates. Net interest income, the difference between interest earned and interest expended, grew only by 0.9 percent to Rs 5,158.5 crore on year-on-year basis, which missed analysts' expectations. Profit was estimated at Rs 2,127.7 crore and net interest income Rs 5,342.6 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18. Advances for the quarter increased by 12 percent year-on-year to Rs 4.49 lakh crore with retaining strong retail loan growth of 22 percent (that constituted about 46 percent of total loan portfolio), the private sector lender said, adding deposits grew by 15 percent to Rs 4.24 lakh crore with CASA deposits growth of 18 percent. Net interest margin remained under pressure, falling to 3.16 percent in June quarter from 3.37 percent in March quarter. Provisions for bad loans during the quarter shot up significantly by 163.2 percent on yearly basis to 2,514.5 crore but sequentially fell 24.4 percent from Rs 3,326.2 crore. Provision coverage ratio declined to 57.1 percent in June quarter from 61 percent in preceding period. Profit for the quarter was partly supported by other income and lower tax cost. Non-interest income (other income) for April-June quarter increased 14.7 percent to Rs 3,429.3 crore and operating profit grew by 3.5 percent to Rs 5,214.7 crore compared with year-ago period while tax expenses plunged 57.7 percent to Rs 467.9 crore.

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