ICICI Bank July-to-September Net Profit INR20.58 Billion Vs INR31.02 Billion

By Corinne AbramsFeaturesDow Jones Newswires

ICICI Bank Ltd., India's largest private-sector lender, said Friday its net profit fell by 34% last quarter.

Net profit for the July-to-September period was 20.58 billion rupees ($316.1 million), down from 31.02 billion rupees a year earlier. That was less than the 24.9 billion rupees predicted by analysts polled by Thomson Reuters.

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The bank's net interest income was 57.09 billion rupees, up 8.7% from a year earlier.

Chanda Kochhar, chief executive of ICICI Bank, said in an earnings call that the decline in profit could be attributed to the large gain a year earlier from the sale of the ICICI's life-insurance company.

Gross bad loans, at 7.87% of total loans, were down from the earlier quarter when they were 7.99%, but higher than the year earlier period when non-performing loans were 6.12% of the total. The bank said it had set aside a provision of 45.03 billion rupees for non-performing loans.

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

(END) Dow Jones Newswires

October 27, 2017 08:14 ET (12:14 GMT)