ICICI Bank Q4 net profit halves to Rs 10.2 bn, bad loan provisions surge

The March-quarter profit is the lowest for the bank in the last eight quarters, and a tad lower than Rs 10.6 billion estimated by analysts polled by Bloomberg

ICICI Bank on Monday posted a net profit of Rs 10.2 billion for the quarter ended March 2018, against Rs 20.2 billion a year ago, due to a sharp rise in provision for bad loans. The bank’s profit was boosted by a one-time income arising from the sale of shares in its capital market arm, ICICI Securities, to the tune of Rs 33.20 billion. 

Additionally, three loan accounts in the gems and jewellery sector with fund-based outstanding of Rs 7.95 billion were classified as fraud and non-performing, and during the fourth quarter, the bank made a provision of Rs 2.89