ICICI Bank Q4 profit dives 50%, bad loan provisions surge: Highlights

ICICI Bank Q4 results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies

ICICI Bank Ltd, India's third-largest lender by assets, posted a near 50 per cent drop in its fourth-quarter net profit as its provisions for bad loans surged.
 

Net profit for the three months to March 31 fell to Rs 10.20 billion ($151.94 million) from 20.25 billion rupees a year earlier, the bank said in a statement on Monday.

Twelve analysts on average had expected the company to post a net profit of Rs 10.77 billion, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans was 8.84 per cent at the end of March, compared with