ICICI Bank Q4 profit drops on higher expenses
Reuters | Updated: May 6, 2019, 16:42 ISTHighlights
- Net profit dropped to Rs 969 crore ($139.71 million) in the three months ended March 31, from Rs 1,020 crore a year earlier
- Total expenses jumped 18.1 per cent to Rs 14,680 crore
(File photo)BENGALURU: ICICI Bank Ltd reported a 5 per cent drop in fourth-quarter profit on Monday, missing estimates, partly as a rise in expenses overshadowed a fall in provisions for bad loans.
Asset quality improved at ICICI Bank, with gross bad loans as a percentage of total loans easing to 6.7 per cent in the quarter ended March 31, from 7.75 per cent in the previous quarter and 8.84 per cent a year earlier.
Provisions for bad loans fell 17.7 per cent to Rs 5,451 crore.
However, total expenses jumped 18.1 per cent to Rs 14,680 crore, led by 17 per cent rise in interest that the bank paid on its deposits.
Net profit dropped to Rs 969 crore ($139.71 million) in the three months ended March 31, from Rs 1,020 crore a year earlier when stricter central bank (RBI) rules had forced the country's third-biggest lender by assets to account for more bad loans.
Analysts were looking for a profit of Rs 2,129 crore, I/B/E/S data from Refinitiv showed.
Asset quality improved at ICICI Bank, with gross bad loans as a percentage of total loans easing to 6.7 per cent in the quarter ended March 31, from 7.75 per cent in the previous quarter and 8.84 per cent a year earlier.
Provisions for bad loans fell 17.7 per cent to Rs 5,451 crore.
However, total expenses jumped 18.1 per cent to Rs 14,680 crore, led by 17 per cent rise in interest that the bank paid on its deposits.
Net profit dropped to Rs 969 crore ($139.71 million) in the three months ended March 31, from Rs 1,020 crore a year earlier when stricter central bank (RBI) rules had forced the country's third-biggest lender by assets to account for more bad loans.
Analysts were looking for a profit of Rs 2,129 crore, I/B/E/S data from Refinitiv showed.
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