ICICI Bank on Friday reported a net profit of Rs 2,058 crore for the July-September quarter, missing analysts’ estimates. The lender’s net profit for the second quarter of 2017-’18 is about 34% lower than the Rs 3,102 crore it reported in the same quarter in 2016,
The bank’s net interest income, or the core income it earns by giving loans, rose to Rs 5,709 crore year on year from Rs 5,253 crore.
The bank’s gross non-performing assets ratio stood at 7.87% till September 2017, as against 6.12% from a year ago. The net bad loans ratio was 4.43% in July-September, up from 3.21% in September 2016. This means that ICICI Bank’s gross non-performing assets increased to Rs 44,488.54 crore at the end of September, up 36.7% from Rs 32,547.50 crore a year ago and Rs 43,147.64 crore the previous quarter.
Moreover, ICICI Bank’s asset quality was better than that of Yes Bank and Axis Bank. Yes Bank’s gross bad loans rose to Rs 2,720.3 crore till September 30, much higher than Rs 916.7 crore in 2016. On October 17, Axis Bank had reported a decline in asset quality, with gross non-performing assets increasing to 5.90% from 5.03% the previous quarter.
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