ICICI Bank Q3 net profit dips 27% to Rs 1894 crore

ICICI Bank Q3 net profit dips 27% to Rs 1,894 crore

The bank, India's third-largest by assets, reported net profit of 16.5 billion rupees ($259.4 million) for the three months to December 31, against 24.42 billion rupees in the same period a year earlier.

The net interest margin (NIM) was 3.14%, remained steady as compared to the year ago period. The provisions were largely towards bad loans.

The domestic net interest margin was 3.53% and the overall net interest margin was 3.14% in the third quarter, the bank said.

The banks said that it has an exposure of Rs 10,061 crore to 18 accounts named in the Reserve Bank of India's second list of stressed assets that may face insolvency proceedings.

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Also, unlike its peers, bank did not have to disclose any "divergences" in NPA recognition from the RBI's risk-based supervision exercise which got completed during the quarter. "Expression of interest has come and that are being evaluated now", Nair said.

A massive 92 per cent plunge in treasury income has whittled down other gains ICICI Bank has made in the December quarter, which pulled down net income by 27.45 per cent to Rs 1,894.15 crore on a consolidated basis. IDBI's stake in its life insurance arm is valued at over Rs 2,000 crore.

The Bank had a network of 4,860 branches and 14,262 ATMs at December 31, 2017. The bank has already identified 31 branches that can be shut down. The bank has been shrinking its balance sheet as part of a strategy to conserve capital. The gross NPA ratio came down to 7.82% at December 31, 2017 from 7.87% at September 30, 2017. Reducing corporate loans has helped increase the share of higher yielding retail loans and at the same time reduced targets for priority sector lending, which are a drain on the bank's balance sheet.

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