ICICI Bank Q3 Net Comes in a Tad Be­low Street Ex­pec­ta­tions

Stand­alone net profit at ₹ 2,442 crore, net in­ter­est in­come drops 2% to ₹ 5,363 crore

The Economic Times - - Companies: Pursuit Of Profit -

Mum­bai: ICICI Bank posted a 19% drop in net profit for the three months through De­cem­ber, a quar­ter when its loan growth slowed to th­elow­est­in­morethansixyearsand more ac­counts slipped into the non­per­form­ing as­sets cat­e­gory.

The coun­try’s largest non-state bank posted a stand­alone net profit of ₹ 2,442 crore for the quar­ter, com­pared with ₹ 3,018 crore a year ear­lier when it had the cush­ion of pro­ceeds from a sale of shares in a life in­sur­ance com­pany. Net in­ter­est in­come dropped 2% to ₹ 5,363 crore.

The profit was slightly be­low the av­er­age fore­cast of ₹ 2,467 crore in a Bloomberg sur­vey of 20 an­a­lysts.

“Ad­justed for gains from the share sale last year, our profit is ac­tu­ally up,” man­ag­ing di­rec­tor Chanda Kochhar said.

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