ICICI Bank September Quarter Profit Falls 34%

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Mumbai: India's largest private sector lender ICICI Bank's net profit plunged 34% as bad loans rose and gains from stake sales at insurance subsidiary were muted compared with the year-ago quarter.

The bank missed analysts' estimates as the standalone net profit dropped to Rs 2,058 crore in the quarter from Rs 3,102 crore in the same quarter a year ago. The bank had been expected to post a profit of Rs2,570.10 crore, based on a Bloomberg poll of 21 analysts.

The bank's gross non-performing assets (GNPA) ratio rose to 1.82% in Q2FY18 from 0.97% in June quarter (Q1FY18), while Net NPA rose to 1.04% from 0.39% in previous quarter.

While the earnings were way below street expectations, the bank's decline in profit was largely due to base effect of a one-time exceptional gain in the previous accounting period.

Net interest income (NII), or the core income a bank earns by giving loans, increased 8.7% to Rs5,709.07 crore from Rs5,253.27 crore a year ago.

This stemmed from the sale of stake in ICICI Prudential Life Insurance Company. The percentage of gross NPAs increased to 1.82 per cent against 0.97 per cent sequentially.

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Gross NPA and net NPA ratio jumped to 7.87 percent and 4.43 percent, respectively, as of September 2017, as against 6.12 percent and 3.21 percent, respectively, as of September 2016.

Kochhar said that an additional provision of Rs651 crore, which was required to be spread across three quarters against nine accounts where banks have initiated insolvency proceedings, was made in the September quarter itself.

She also said the bank had exposure of about ₹14,000 crore in 18 accounts in the second list that was prepared by the banking regulator for bankruptcy proceedings.

"If you look at last quarter our slippages was at Rs 5,511 but now it has declined to Rs 3,367 crore". She forecast domestic loan growth in the financial year to be about 15 percent, led by as much 20 percent rise in retail loans.

"The PNB has the exposure in nine accounts out of 12 stressed accounts referred to IBC and the exposure would be to the tune of Rs 12,000 crore in the nine accounts".

"During the quarter NIM was stable, fee income continued to grow, loan growth was healthy and asset quality trends improved", Chanda Kochhar, Managing Director at ICICI Bank said.

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