ICICI Bank Reports a Q1 Net Loss at Rs 199.5 Crores

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    For the first quarter of the financial year 2018-19, ICICI Bank Ltd reported a net loss of Rs 119.55 crore, as per the lender's stock exchange filing. For the same period last year, it had reported a net profit of Rs 2049 crore. A high percentage of bad loans hit the bank's treasury portfolio. ICICI has also set aside a greater portion to recover bad loans. This is the lender's first ever quarterly loss since 2001 according to Bloomberg. 

    ICICI Bank Reports First Quarterly Loss in Over 17 Years
     

    Its net interest income (core income from operations) was at Rs 6,102 crore for the quarter under review. The private bank's asset quality remained under pressure with the gross non-performing advances at 9.65 percent of the total advances. In the previous quarter, the ratio stood at 9.9 percent. The net non-performing advances ratio fell to 4.67 percent from 5.43 percent in the previous quarter, while provisions were at Rs 5,971 crore from Rs 6,625.7 crore in the March-ended quarter.

    ICICI bank has been under scanner over allegations against Chief Executive Officer Chanda Kochhar concerning loans to Videocon Group. Retired bureaucrat Girish Chaturvedi was appointed to serve as part-time non-executive chairman, while the newly appointed CEO, Sandeep Bakhshi, is entrusted with the role in Kocchar's absence, who is on an indefinite leave.

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