ICICI Bank Ltd on Friday said its second quarter net profit dropped 55.84% on the back of lower other income and higher gross non-performing assets.
The bank posted a net profit Rs 908.88 crore for the three months ended 30 September, compared with Rs 2,058.19 crore in the year-ago period. Profit was lower than Rs 949.30 crore estimated by a Bloomberg poll of 20 analysts.
Other income, which includes core fee income, dropped 39.14% to Rs 3,156.49 crore in the three months, from Rs 5186.24 crore a year ago.
Gross non-performing assets grew 22.48% to Rs 54,488.96 crore during the second quarter, against Rs 44,488.54 crore in the same period last fiscal.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 12.41% to Rs 6,417.58 crore, from Rs 5,709.07 crore.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 8.54% in the September quarter, compared with 8.81% in the June quarter and 7.87% a year ago. Provisions during the quarter decreased 11.30% to Rs 3,994.29 crore, against Rs 4,502.93 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs 5971.29 crore as provisions.
Post-provision, the net NPA ratio was at 3.65% against 4.19% in the April-June quarter and 4.43% in the year-ago quarter.
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