ICICI Bank, India's largest private sector lender, reported 189 percent increase in standalone net profit for the March 2017 quarter (Q4) to Rs 2,025 crore ($312 million) from Rs 702 crore ($108 million) in the corresponding period past year, helped by a drop in provisioning for bad loans and rise in net interest income.
Private sector lender ICICI Bank on Wednesday reported a weak set of financial earnings when compared to the December 2016 quarter, as net profit fell, asset quality continued to deteriorate and total income for the bank dipped.
The spike in NPA is mainly due to one account in the cement sector, amounting to Rs. 5,378 crore, Chanda Kochhar, managing director and chief executive officer of the bank said.
For the full year, net loss reported to Rs 1372.51 crore in the year ended March 2017 as against net profit of Rs 100.69 crore during the previous year ended March 2016.
On a standalone basis, profit soared to Rs 2,024.64 crore, from Rs 701.89 crore in the year-ago period, but was down from Rs 2,441 crore in the December quarter.
Besides this, there were Rs 5,911 crore additions to the gross NPAs.
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Meanwhile, provisions declined by 12.86% yoy at Rs 2,898.22 crore. Such an account was over and above the provisions made for non-performing and restructured loans under RBI guidelines. ICICI Bank wrote-off a whopping Rs. 5,386 crore of bad loans in Q4 as compared with Rs. 148 crore during the year-earlier period.
However, by the end of the Q4 of FY17, the bank had exhausted its entire contingency reserves for provision for bad loans.
He further said the bank will continue to focus on collecting interest from borrowers classified as NPAs or under the strategic debt restructuring scheme. "About Rs. 20,000 crore of the list has turned into NPA", she said.
ICICI Bank also announced dividend of Rs. 2.50 per share, and an issue of bonus shares in the ratio of one equity share for every 10 equity shares (including shares underlying ADS).
Shares of ICICI Bank Ltd. ended 1% lower on the benchmark S&P BSE Sensex.