ICICI Bank reported a fall in profit at Rs 969 crore in QFY19 over Rs 1,020 crore in the corresponding quarter last year.
ICICI Bank on Monday posted lower-than-expected financial results for the quarter ending March 31 on account of higher provisioning, the private sector lender said in a regulatory filing. Provisioning of Rs 5,451 crore was made in the fourth quarter as against Rs 4,244 crore in the last quarter. The lender reported 5 per cent fall in profit at Rs 969 crore in QFY19 over Rs 1,020 crore in the corresponding quarter last year.
Analysts in an ETNow poll had projected a profit of Rs 2,240 crore.
Q4 net interest income (NII) was recorded at Rs 7620.1 crore against Rs 6,022 crore in the same period of the last year, ICICI Bank said in an exchange filing.
The gross NPA was at 6.7 per cent in the fourth quarter as against 7.75 per cent in the previous quarter. The net NPA was down 2.06 per cent as against 2.58 per cent in the last quarter.The net provisions increased to Rs 5,450 crore from Rs 4,244 crore in Q3.
The gross additions to NPA were Rs 3,547 crore in Q4 compared to Rs 2,091 crroe in the last quarter. The gross NPA additions in the March quarter include an account in sugar sector where payment obligations are being met, which has been classified as NPA.
In the given quarter, the CASA ratio stands at 49.6 per cent. The slippages were posted at Rs 3,547 crore by the bank in the quarter ending March.
ICICI Bank said that it has classified exposure to IL&FS of Rs 276 crore as non performing assets (NPA). The fund-based outstanding to IL&FS at Rs 276 crore holds a provision of Rs 146 crore and non fund-based outstanding of Rs 545 crore holds a provision of Rs 468 crore, the bank said in a regulatory filing.
The shares of ICICI Bank ended the day at Rs 401.40, down 0.45 points, or 0.11 per cent on BSE today.