ICICI bank Net profit falls by almost 50% on rising NPAs

0

 

Mumbai : India’s largest private sector bank ICICI Bank today reported almost 50% fall in Net profit on rising NPAs. Its standalone profit after tax was ` 1,020 crore (US$ 157 million) for Q4-2018 compared to ` 2,025 crore (US$ 311 million) for Q4-2017. 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).  The domestic net interest margin was 3.67% and the overall net interest margin was 3.24% in Q4-2018.  Non-interest income was Rs. 5,678 crore (US$ 871 million) in Q4-2018 compared to Rs. 3,017 crore (US$ 463 million) in Q4-2017. Non-interest income in Q4-2018 included gains of Rs. 3,320 crore (US$ 509 million) on sale of shareholding in ICICI Securities.  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.

Leave A Reply

Your email address will not be published.