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ICICI Bank dives down 8% in Q1 net profit

ICICI Bank reports a decline of 8% in the first quarter net profit ended 30 June, 2017.
BY BEx Bureau
BusinessEx
Jul 29, 2017

ICICI Bank reported a decline of 8% in the first quarter of this year ended June, 30,2017 with a net profit of Rs.2,049 crore. The share of ICICI Bank fell over 3 per cent on Friday after the private sector lender after this decline rate reported on Thursday.

A deferred tax adjustment of Rs302 crore in the reporting quarter helped lessen the blow to profitability. In the year-ago quarter, DTA was at Rs22 crore.

Net interest income increased 8% to Rs5,590 crore (Rs5,159 crore).

Non-interest income was lower at Rs3,388 crore (Rs3,429 crore).

The decline in profit was on account of the fact that exchange rate gain related to overseas operations, which was available in the year-ago quarter, was no longer permitted to be accounted for as income from the reporting quarter and ICICI Prudential Life had moved to dividend payments on half-yearly basis from quarterly basis, explained Chanda Kochhar, MD CEO, ICICI.

Overseas advances declined by 22% year on year. While the total advance nudges up 3% solely on the back of domestic advances growth, which was up 11 per cent year on year.

Within the domestic advances, retail and small medium enterprise advances were up 18.6% and 18.4% respectively, corporate advances declined 2.8 per cent.

GNPAs as a percentage of gross assets rose to 7.99%. Provisions towards bad loans were at Rs.2,609 crore.

Kochhar said gross additions to NPAs at Rs4,976crore in the June quarter were the lowest in the last seven quarters. Further, in the reporting quarter, recoveries and upgrades of Rs2,775 crore reflected completion of the sale of cement business of a borrower, which was classified as NPA in the preceding quarter. Net addition to gross NPA was at Rs2,201 crore. Business Line reported

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