ICICI Bank Reports 5% Slump In Q4 Net Profit; Board Recommends Dividend

On Monday, ICICI Bank rreported a 5 percent drop in standalone net profit at Rs 969 crore for March quarter, from Rs 1,020 crore in the corresponding quarter last year.

The private lender's bad loan provisions grew from Rs 4,244 crore in December quarter to Rs 5,451 crore. In comparison to a year-ago, it fell sharply from Rs 6,625 crore.

The bank's gross non-performing advances (net of write-off) for the March 2019-ended quarter stood at 7.38 percent as against 8.54 percent in December quarter and 9.9 percent last year.

ICICI Bank's net interest income (NII) for the quarter rose 26.54 percent to Rs 7,620 crore on a year-on-year basis from Rs 6,022 crore reported in March 2018.
On a consolidated basis, the lender's profit after tax (PAT) for the quarter under review stood at Rs 1,170 crore compared with Rs 1,142 crore last year.

Its fee income increased 15 percent on a year-on-year basis to Rs 3,178 crore from Rs 2,755 crore. Provisions fell to Rs 5,451 crore from Rs 6,626 crore.

The bank's board has recommended a dividend of Re 1 per share.