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ICICI Bank Net declines 16% at Rs 2,611 crore


Private sector-lender ICICI Bank today posted a 16.4 per cent decline in consolidated net profit at Rs 2,610.83 crore for the quarter ended December 31, 2016.

The bank had posted consolidated net profit of Rs 3,122.35 crore in the corresponding quarter of the previous fiscal.

Total income, however, increased by 8.95 per cent during October-December period to Rs 27,875.67 crore, as against Rs 25,585.14 crore in the same period a year ago, ICICI Bank said in a regulatory filing.

On standalone basis, the net profit decreased by 19.1 per cent at Rs 2,441.82 crore, from Rs 3,018.13 crore in the corresponding previous fiscal.

“Total income (standalone) has decreased to Rs 17,556.41 crore for the quarter ended December 2016 from Rs 17,562.95 crore for the same quarter year ago,” the bank said.

During the quarter under review, the Bank’s net interest income fell to Rs 5,363 crore as against Rs 5,453 crore a year ago.

Non-interest income was at Rs 3,939 crore in the third quarter of 2016-17 as compared with Rs 4,217 crore a year ago.

“Non-interest income in Q3-2016 included gains of Rs 1,243 crore (USD 183 million) relating to sale of shareholding in ICICI Prudential Life Insurance Company Ltd,” it said.

Fee income increased 10.3 per cent on year-on-year basis to Rs 2,495 crore in the quarter ended December from Rs 2,262 crore a year ago.

Standalone assets grew to Rs 7,57,796 crore at December 31, 2016 from Rs 7,20,695 crore in the same period of previous fiscal.

Total deposits increased by 14 per cent yearly to Rs 4,65,284 crore.

“There was a significant change in banking system deposit growth after the announcement of withdrawal of legal tender of Rs 500 and Rs 1,000 currency notes in November 2016,” it said.

During the December quarter of 2016-17, there was an accretion of Rs 26,705 crore to current and savings account (CASA) deposits. Savings account deposits increased by Rs 18,512 crore and current account deposits rose by Rs 8,193 crore.

Also, the retail portfolio which constitutes about 49 per cent of the total loans, grew by 18 per cent from a year ago as at December 31, 2016.

The net non-performing assets on December 31, 2016 were Rs 20,155 crore compared to Rs 16,483 crore at September 30, 2016, it said.

Shares of ICICI Bank closed at Rs 269.05, down 0.66 per cent on BSE today.

(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)