India's second-largest private bank by assets ICICI Bank on Monday reported a drop of nearly 45% in the consolidated net profit to Rs 1,142 crore for the quarter ended 31 March 2018 from Rs 2082.75 crore from previous quarter.
ICICI Bank Q4 Results 2018: India’s second-largest private bank by assets ICICI Bank on Monday reported a drop of nearly 45% in the consolidated net profit to Rs 1,142 crore for the quarter ended 31 March 2018 from Rs 2082.75 crore from previous quarter. Consolidated profit after tax was Rs 7,712 crore in FY2018 compared to ` 10,188 crore in FY2017. Consolidated assets grew by14.1 % from Rs 985,725 crore at March 31, 2017 to Rs 1,124,281
crore at March 31, 2018. Twelve analysts on average had expected the company to post a net profit of 10.77 billion rupees, according to Thomson Reuters data.
The bank’s standalone profit declined by 50 per cent to Rs 1,020 crore as against Rs 2,025 crore in the year-ago quarter.The results come against the backdrop of a series of allegations of impropriety in ICICI Bank’s extending loans to some companies and enjoying reciproc al benefits by the family members of the lender’s CEO Chanda Kochhar.
The gross additions to non-performing assets (NPA) declined sequentially during the first three quarters of FY2018. Gross NPA additions declined from Rs 4,976 crore in the quarter ended June 30, 2017 (Q1-2018) to Rs 4,674 crore in the quarter ended September 30, 2017(Q2-2018) and Rs 4,380 crore in Q3-2018. During Q4-2018,the gross additions to NPA were Rs 15,737crore in Q4-2018.
Shares of ICICI Bank shuttled between the range of Rs 292 and Rs 282.95 after opening marginally higher at Rs 284.35. The stock of ICICI Bank finally closed up 2.3% at Rs 289.4 on BSE while the stock advanced 2.46% to Rs 289.8 on NSE on Monday. Massive trading volumes were seen in the shares of ICICI Bank on Monday. Shares of ICICI Bank were among the top five most traded stocks in terms of volume on NSE on Monday. As at the closing of trading, more than 2.04 crore equity shares exchanged hands on both NSE and BSE with about 1.96 crore equity shares on NSE alone. As per Monday’s closing price of Rs 289.4, ICICI Bank commands a market capitalisation of Rs 1,86,051.26 crore on BSE.