ICICI Bank profit slumps 30 pc in third quarter

Bonds will be issued with six different maturities and coupon rates for infusing capital in public sector banks

Net interest income grew by 6 per cent to Rs 5,705 crore in the quarter under review compared to Rs 5,363 crore in the corresponding quarter of 2016-17.

Private sector lender, ICICI Bank, reported a drop of 32 percent in the Q3 net profit at Rs 1,650 crore against Rs 2,442 crore posted during the same period previous year. Rising bond yields in the Oct-Dec quarter has led to lower treasury gains for the banks.

Meanwhile, the net NPAs fell to Rs 23,810 crore against Rs 24,129 crore quarter on quarter. Most of the funds will be utilised to make provisions for bad loans and the bank may issue fresh equity next fiscal to meet growth requirements and to bring down government stake to 75%. Also, the net interest margin remained flat at 3.3 per cent on a quarter-on-quarter basis.

CASA deposits increased by 12% year-on-year which is now 50.4% of the total deposits.

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Gross non-performing assets (NPAs) rose 20.88% to Rs46,038.70 crore at the end of the December quarter from Rs38.084.97 crore in the same quarter a year ago. It has already sold strategic shareholding in companies that it helped promote, like Small Industries Development Bank (SIDBI) and Clearing Corporation of India (CCIL), and has raised over Rs 2,000 crore during the quarter ended December.

Gross bad loans as a percentage of total loans stood at 7.82 % at the end of December, compared with 7.87 % at September 30 and 7.2 % a year earlier.

So far, in this year the bank has raised Rs 2008 crore through sale of its stake in Sidbi and Clearing Corporation of India. The bank expects provisioning to stay elevated in the next few quarters.

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. While its core operations might not have left much for investors to cheer, positive trends in asset quality offer hope. Retail loans account for 54 per cent of the loan portfolio of the bank.

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