Shares in ICICI Bank came crashing down by a near 6 per cent, as non performing assets soared and the bank expected another quarter of pain in its Q3 numbers reported after market hours on Thursday. The provisioning norms as suggested by the Reserve Bank of India has caused a rise in non performing assets of major players in the banking industry.
India's largest private sector lender reported 4.3 per cent decline in net profit to Rs 3,122 crore for the quarter ended December 31 on account of rising bad loans.
The bank had posted a consolidated net profit of Rs 3,265.32 crore for the October-December quarter of last fiscal.
On a standalone basis, the bank's net profit rose 4 per cent to Rs 3,018 crore during the third quarter of 2015-16 from Rs 2,889 crore during the same period of 2014-15.
Its total income on standalone basis during the quarter under review increased to Rs 17,562.95 crore, from Rs 15,526.88 crore in the year-ago period, ICICI Bank said in a statement.
Shares of ICICI Bank were last trading at Rs 224, down around 4 per cent, after having fallen to a low of Rs 219 on the NSE.