Private lender ICICI Bank saw its first ever loss amounting to Rs 1.19 billion for the quarter ended June 2018 on account of higher provisions. This was against a net profit of Rs 20.49 billion in last year’s June quarter. However, the bank’s quarterly loss was contained on account of a gain of Rs 11.10 billion on the sale of a stake in subsidiary ICICI Prudential Life insurance.
This is the first quarter after the bank’s Managing Director and Chief Executive Officer Chanda Kochhar went on leave due to allegations of conflict of interest between her and the Videocon group, in a loan given to the latter.
The bank's net interest income, or the interest earned minus interest expended, rose nine per cent on a year-on-year basis to Rs 61.02 billion in the current quarter, said the bank in a filing to the exchanges.
The net interest margin(NIM), the difference between the yield on advances and cost of fund, contracted to 3.19 per cent, against 3.24 in the previous quarter and 3.23 in year-ago quarter.
The bank’s asset quality took a hit during the quarter. The gross non-performing assets (NPAs), as a percentage of total advances, in the present June quarter, stood at 8.81 per cent, up by 82 basis points from the year-ago quarter but three basis points lower from the previous March quarter.
The bank said that it has seen gross additions to NPA at Rs 40.36 billion which were the lowest for the bank in the last 11 quarters. Recoveries and upgrades from non-performing loans were Rs 20.36 crore for the quarter. However, the bank doubled its provisions over the previous year’s quarter from Rs 26.08 billion in June 2017 to Rs 59.71 billion in June 2018.
Total deposits during the quarter increased by 12% year-on-year to Rs 5468.78 billion while CASA deposits increased by 16% year-on-year to Rs 2,762.94 billion. The Bank’s CASA ratio stood at 50.5% in June 2018 compared to 51.7% in March and 49% at June 2017.
The bank’s stock closed at Rs 293.30 on BSE, up by 2.62 per cent of the previous close. The results came after market hours.
This is the first quarter after the bank’s Managing Director and Chief Executive Officer Chanda Kochhar went on leave due to allegations of conflict of interest between her and the Videocon group, in a loan given to the latter.
The bank's net interest income, or the interest earned minus interest expended, rose nine per cent on a year-on-year basis to Rs 61.02 billion in the current quarter, said the bank in a filing to the exchanges.
The net interest margin(NIM), the difference between the yield on advances and cost of fund, contracted to 3.19 per cent, against 3.24 in the previous quarter and 3.23 in year-ago quarter.
The bank’s asset quality took a hit during the quarter. The gross non-performing assets (NPAs), as a percentage of total advances, in the present June quarter, stood at 8.81 per cent, up by 82 basis points from the year-ago quarter but three basis points lower from the previous March quarter.
The bank said that it has seen gross additions to NPA at Rs 40.36 billion which were the lowest for the bank in the last 11 quarters. Recoveries and upgrades from non-performing loans were Rs 20.36 crore for the quarter. However, the bank doubled its provisions over the previous year’s quarter from Rs 26.08 billion in June 2017 to Rs 59.71 billion in June 2018.
Total deposits during the quarter increased by 12% year-on-year to Rs 5468.78 billion while CASA deposits increased by 16% year-on-year to Rs 2,762.94 billion. The Bank’s CASA ratio stood at 50.5% in June 2018 compared to 51.7% in March and 49% at June 2017.
The bank’s stock closed at Rs 293.30 on BSE, up by 2.62 per cent of the previous close. The results came after market hours.
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