ICICI Bank Q3 net distinction slips as bad loans surge

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Mumbai: Country’s largest private zone lender ICICI Bank currently reported 4.3 per cent decrease in net distinction to Rs 3,122 crore for a entertain finished Dec 31 on comment of rising bad loans.

The bank had posted a combined net distinction of Rs 3,265.32 crore for a October-December entertain of final fiscal.

A male leaves an programmed teller appurtenance (ATM) trickery of ICICI bank in a southern Indian city of Kochi Aug 6, 2009. REUTERS/Sivaram V (INDIA BUSINESS)A male leaves an programmed teller appurtenance (ATM) trickery of ICICI bank in a southern Indian city of Kochi Aug 6, 2009. REUTERS/Sivaram V (INDIA BUSINESS)

Reuters

On a standalone basis, a bank’s net distinction rose 4 per cent to Rs 3,018 crore during a third entertain of 2015-16 from Rs 2,889 crore during a same duration of 2014-15. Its sum income on standalone basement during a entertain underneath examination increasing to Rs 17,562.95 crore, from Rs 15,526.88 crore in a year-ago period, ICICI Bank pronounced in a statement.

The sum income of a bank on combined basement increasing to Rs 25,585.14 crore, from Rs 23,053.82 crore in a year-ago period.

As on Dec 31, ICICI Bank’s sum non-performing resources (NPAs) rose to 4.72 per cent of sum advances as opposite 3.40 per cent in a same entertain of a prior fiscal.

It’s net non-performing resources also rose to 2.28 per cent from 1.90 per cent during a duration underneath review. Net non-performing resources during Dec 31, 2015 were Rs 10,014 crore compared to Rs 6,828 crore during Sep 30, 2015, it said.

“The boost in non-performing resources was essentially due to a decrease and stability debility in a tellurian steel cycle; and RBI’s design of early and regressive approval of highlight and provisioning, pursuant to that RBI has asked banks to examination certain loan accounts and their
sequence over a dual buliding finale Dec 31, 2015 and Mar 31, 2016,” it said.

Provisioning for bad loans and contingencies rose neatly to Rs 2,844.05 crore in third entertain of 2015-16 as compared to Rs 979.69 crore in a same duration of a final fiscal. For a initial 9 months of 2015-16, a bank’s standalone net distinction rose by 9 per cent to Rs 9,024 crore as compared to Rs 8,253 crore in a same duration of a prior fiscal.

It reported sum income of Rs 49,471.62 crore in a initial 3 quarters, as opposite Rs 45,032.54 crore in a same duration of final financial year.
PTI

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