ICICI Bank Last Quarter Net Profit Falls 32%

By FeaturesDow Jones Newswires

ICICI Bank reported a 32% decline in its last quarter net profit, hurt by higher provisions for bad loans.

The bank, India's biggest private-sector lender, posted a net profit of INR16.50 billion ($259.4 million) in the October-December period, compared with INR24.42 billion a year ago. This is lower than INR19.54 billion estimated by analysts polled by Thomson Reuters.

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Its net interest income rose 6% year over year to INR57.05 billion.

The lender reported gross non-performing assets at 7.82% of total loans, almost unchanged from the preceding quarter.

Indian banks have been facing huge amounts of bad loans due to large defaults from companies in sectors such as infrastructure, metals and power.

Write to Debiprasad Nayak at debiprasad.nayak@wsj.com

(END) Dow Jones Newswires

January 31, 2018 06:42 ET (11:42 GMT)

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