ICICI Bank’s Q4 Net Plunges 76% on Bad Loan Provisions
Besides .₹ 3,326 cr set aside for NPAs, bank earmarks additional .₹ 3,600 cr
Mumbai: ICICI Bank’s quarterly net profit plunged 76%, the sharpest drop in at least 15 years, after setting aside .₹ 3,600 crore as extraordinary provisions in anticipation of more loans turning bad. That amount was in addition to .₹ 3,326 crore set aside for non-performing assets as mandated by the Reserve Bank.
Net profit dropped to .₹ 702 crore in the quarter ended March from .₹ 2,922 crore a year earlier. That’s the lowest quarterly profit the bank has reported since June 2008. It listed five sectors that will need to be specially monitored for bad loans in the months ahead.