ICICI Bank Reports Decline In Profit After Tax By 50% For Fourth Quarter 2018

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The country's largest private lender - ICICI Bank announced its financial results today.

ICICI Bank Reports Decline In Profit After Tax By 50% For Fourth Quarter 2018

Bank's total domestic loan grew at 15% year-on-year basis on March 2018, which was mainly driven by retail. The retail loans grew by 21% year-on-year and constituted to 57% of the total loan portfolio as on March 31, 2018.

The 17% year-on-year growth witnessed in the current and savings account (CASA) deposits, led to the CASA ration at 51.7% at March 31, 2018.

Net interest income was Rs 6,022 crore (US$ 924 million) in the quarter ended March 31, 2018 (Q4-2018) compared to Rs 5,962 crore (US$ 915 million) in the quarter ended March 31, 2017 (Q4-2017).

Fee income grew by 13% year-on-year to Rs 2,755 crore (US$ 423 million) in Q4-2018 from Rs 2,446 crore (US$ 375 million) in Q4-2017.

Retail fee income grew by 16% in Q4-2018 and constituted 75% of total fees.

The core operating profit (profit before provisions and tax, excluding treasury income) was Rs 4,829 crore (US$ 741 million) in Q4-2018 compared to Rs 4,609 crore (US$ 707 million) in Q4-2017.

The Standalone profit after tax saw a decline and recorded Rs 1,020 crore (US$ 157 million) for Q4- 2018 as compared to Rs 2,025 crore (US$ 311 million) for Q4-2017.

Consolidated profit after tax witnessed the decline and stood at Rs 1,142 crore (US$ 175 million) in Q4-2018 compared to Rs 2,083 crore (US$ 320 million) for Q4-2017.

The consolidated profit after tax was Rs 7,712 crore (US$ 1.2 billion) in FY2018 compared to Rs 10,188 crore (US$ 1.6 billion) in FY2017.

The consolidated assets grew by 14.1% from Rs 985,725 crore (US$ 151.2 billion) at March 31, 2017 to Rs 1,124,281 crore (US$ 172.5 billion) at March 31, 2018.

The Board also recommended a dividend of Rs 1.50 per share (equivalent to a dividend of US$ 0.046 per ADS).

Read more about: icici bank
Story first published: Monday, May 7, 2018, 18:48 [IST]
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