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

The Economic Times - - Front Page - Joel.Re­bello@ times­group.com

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.

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