ICICI Bank 4Q Net Profit Jumps, But Bad Loans Also Up

By Corinne Abrams Features Dow Jones Newswires

ICICI Bank Ltd. (532174.BY), India's largest private-sector lender, said Wednesday its fourth-quarter net profit almost tripled from a year earlier, driven by its retail business, even as its bad loans jumped.

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Chief Executive Chanda Kochhar said part of the increase in bad loans was due to one account in the cement sector and that the bank expected non-performing assets to be significantly lower in this financial year.

ICICI Bank's net profit rose to 20.25 billion rupees ($315 million) in the three months ended March 31, from INR7.02 billion rupees a year earlier. Analysts polled by Thomson Reuters had estimated the bank's income would be 22.04 billion rupees.

The bank's net interest income rose 10% to INR59.62 from INR54.04 a year earlier.

Gross bad loans jumped 66% to INR426 billion from INR257 billion rupees a year earlier. Net non-performing assets rose to 4.89% of the total from 2.67%.

Shares of ICICI Bank Ltd. ended 1% lower on the benchmark S&P BSE Sensex. The results were released after markets closed.

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-Write to Corinne Abrams at corinne.abrams@wsj.com

(END) Dow Jones Newswires

May 03, 2017 10:21 ET (14:21 GMT)