ICICI Bank reports 19% drop in Q3FY17; NPAs rise to Rs 20,155 crore

ICICI Bank on Tuesday reported 19% drop in standalone net profit during the quarter ended on December 31. The bank registered a standalone net profit of Rs 2,442 crore as against Rs 3018.13 crore during the same period last year. 

On consolidated basis, the bank's net profit dropped by 16.3% to Rs 2,610.83 crore during the quarter ended on December 31, 2016 as compared to Rs 3,122.35 crore in the quarter ended on December 31, 2015.

Net non-performing assets at December 31, 2016 were Rs 20,155 crore compared to Rs 16,483 crore at September 30, 2016. The Bank’s net non-performing asset ratio was 3.96% at December 31, 2016 compared to 3.21% at September 30, 2016. 

Net loans to companies whose facilities have been restructured were Rs 6,407 crore at December 31, 2016 compared to Rs 6,336 crore at September 30, 2016. 

Net interest income was Rs 5,363 crore in the FYQ317 compared to Rs 5,453 crore FYQ316 and Rs 5,253 crore in the quarter ended September 30, 2016 (Q2FY2017).

On the back of demonetisation exercise, the bank witnessed 30% growth in savings account deposits on year-on-year basis and Current and savings account (CASA) ratio at 49.9% at December 31, 2016.

"There was a significant change in banking system deposit growth after the announcement of withdrawal of legal tender of Rs 500 and Rs 1,000 currency notes in November 2016. During Q3-2017, there was an accretion of Rs 26,705 crore (US$ 3.9 billion) to current and savings account (CASA) deposits. Savings account deposits increased by Rs 18,512 crore (US$ 2.7 billion) and current account deposits increased by Rs 8,193 crore (US$ 1.2 billion) during Q3-2017," the bank said in a release. 

18% year-on-year growth in retail portfolio was seen and retail portfolio constituted about 49% of total loans at December 31, 2016.

Profit before provisions & tax was Rs 5,524 crore (US$ 813 million) in Q3-2017. During Q3-2016 and Q2-2017, there were gains on sale of shareholding in ICICI Life of Rs 1,243 crore (US$ 183 million) and Rs 5,682 crore (US$ 836 million) respectively. Excluding these gains, profit before provisions & tax increased by 3.9% on a year-on-year basis and 11.5% on a sequential basis.

The bank had a network of 4,504 branches and 14,146 ATMs at December 31, 2016.