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
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.