ICICI Bank Q4 profit jumps three fold; bad loans up 26 pct

Representational Image

Representational Image

ICICI Bank has reported a near three-fold growth in its standalone net profit for the quarter ended March 31, 2017, at Rs 2,025 crore compared with Rs 702 crore in the same quarter of the previous fiscal.

Net interest income increased by 10% on a year-on-year basis to Rs 59.62 billion (USD 919 million) in the quarter ended March 31, 2017 (Q4-2017) from Rs 54.04 billion (USD 833 million) in the quarter ended March 31, 2016 (Q4-2016).

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Trade figures also carry political implications as President Donald Trump seeks to revamp USA trade deals with other countries. Imports fell 0.7 percent $234.7 billion as imports of crude oil and other petroleum products slid.

Consolidated profit after tax for full year 2016-17 was Rs 10,188 crore ($1.6 billion) as against Rs 10,180 crore ($1.6 billion) in 2015-16. The bank reported lower provisions during the quarter with provisions dropping 12.86% to Rs 2,898.22 crore against Rs 3,326.21 crore in the year ago period. Explaining the rise in profits, the bank said that during January-March 2016, it had, on a prudent basis, made a collective contingency and related reserve of Rs 3,600 crore. This account was included in the drill down exposures to key sectors disclosed by ICICI Bank and an M&A transaction has been announced in respect of this company, which she declined to name.

"Addition to NPA was gradually declining; however, it stayed elevated during the quarter due to the cement account", Ms. Kochhar said. Gross bad loans at the end of March stood at 425.5 billion rupees, or 7.89 percent of total loans, up from 7.2 percent at the end of December and 5.21 percent a year earlier.Kochhar predicted the bank's domestic loan book would grow by 15 percent to 16 percent in the current financial year, with retail loans increasing by 18 percent to 20 percent.

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Before that he spread his wisdom and again barely survived a T-Rex attack on Isla Nublar in the 1993 classic Jurassic Park. Jurassic World director Colin Trevorrow wrote the script for the sequel along with Derek Connolly.

On the asset quality front, the bank believes that NPA addition should be significantly lower in FY18 compared with FY17, Chanda added.

In an interview to CNBC-TV18, Siddharth Purohit, Senior Research Analyst, Angel Broking shared his views and readings of Q4 results of ICICI Bank.

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The company also released its Europe, Middle East, and Africa segment earnings , as well as its Asia Pacific segment earnings . The overall volume in the last trading session was 3.87 million shares, versus the average volume of 2.62 million shares.

Stock of the bank closed 1.16 per cent down at Rs 272.75 on BSE.

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