Friday, 24 November 2017
Latest news
Main » ICICI Bank Q2 earnings fall 34% to Rs 20.58 bn

ICICI Bank Q2 earnings fall 34% to Rs 20.58 bn

28 October 2017

The bank's drilled down or the watchlist of potential loans saw a reduction to Rs 19,590 crore as on September end, down by Rs 768 crore from Rs 20,358 crore as on June end 2017.

Analysts on average had expected a net profit of 24.91 billion rupees, according to Thomson Reuters data.

The lender's gross non-performing assets, as a percentage of total advances, stood at 7.87 percent compared to 7.99 percent in the previous quarter. The fall in profit is attributable to the one-time gain of ₹5,682 crore booked in the second quarter of the previous financial year. The net NPA too rose to 7.02 per cent from 6.69 per cent. "It is for basically strengthening our provision coverage ratio, from 51 per cent past year it has increased to 54.75 per cent now", Canara Bank MD and CEO Rakesh Sharma told reporters here. About Rs 440 crore of loans in this pool have been sold to ARCs.

But compared to other major lenders, ICICI Bank's asset quality remained steady.

Chance Of Snow Amid Rainy Wednesday Morning
What to know: Friday should be warm and partly sunny in New Orleans, according to a forecast from the National Weather Service . Showers may linger a bit through Monday morning, but it's expected to stay gusty for much of the day.

State-run Canara Bank Ltd., the eighth-biggest bank by assets earlier on Friday reported a 27 percent fall in second-quarter profit.

ICICI, which has the highest bad loans in absolute terms among private-sector lenders in the country, said its total provisions, including for loan losses, were 45.03 billion rupees in the September quarter, higher than 26.09 billion rupees three months ago, but 36 percent lower than a year ago.

The management in an analyst call said about Rs 2,986 crore of the Rs 6,355 crore is upgraded from March to date with an approval of the Board and statutory auditors, while another Rs 1,715.85 crore has been repaid.

She also said the bank had exposure of about ₹14,000 crore in 18 accounts in the second list that was prepared by the banking regulator for bankruptcy proceedings.

NAACP slaps American Airlines with travel advisory, warns Black travelers
The NAACP on Tuesday warned black travelers about flying American Airlines , citing a series of " disturbing incidents ". The NAACP says these examples and a couple of others suggest racial bias and can not be dismissed as normal or random.

Kochhar said that an additional provision of Rs651 crore, which was required to be spread across three quarters against nine accounts where banks have initiated insolvency proceedings, was made in the September quarter itself.

"The PNB has the exposure in nine accounts out of 12 stressed accounts referred to IBC and the exposure would be to the tune of Rs 12,000 crore in the nine accounts".

Shares of the bank gained Rs 1.7, or 0.57%, to settle at Rs 300.95.

Twitter bans Russia Today and Sputnik from advertising
Twitter will be joined by Google and Facebook in testifying before USA lawmakers on Russian meddling in the 2016 election.

ICICI Bank Q2 earnings fall 34% to Rs 20.58 bn