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Posting its first quarterly loss for more than a decade, ICICI Bank today announced a net loss of Rs 119.5 crores for the three months to June due to a higher provisioning. important for bad debts.
The private sector lender, whose CEO Chanda Kochhar was forced to leave on vacation as a result of allegations of conflict of interest, and posted a net profit of Rs 2,049 crore during from the same period last year.
However, on a consolidated basis, ICICI Group recorded a meager profit of Rs 4.93 crore, compared to Rs 2,604.73 crore a year ago.
Total income on a consolidated basis increased to Rs 29,174.12 crore for the quarter under review, as ICICI Bank said in a statement
that it was the first time that Kochhar had gone on leave .
A 129% increase in provisions to Rs 5,971.29 crore. The bank, which recently saw the introduction of ICICI Prudential Life MD and Sandeep's CEO, was the main culprit for this loss.
Bakhshi as chief operating officer, decided to increase its coverage ratio of provisions for acid badets by more than five percentage points during the quarter to 66.1%.
Contrary to usual practice, the bank did not have a conference call after the results with the reporters.
The statement further stated gains of Rs 1,110 crore on the sale of The total income of the bank rose to 18,574.17 crores against Rs 16,847.04 crore in April-June 2017-18.
On a stand-alone basis, the bank's total income climbed to Rs.] The quality of the bank's badets deteriorated, with non-performing gross badets or bad debts significantly widening to 8.81% of gross advances at June 30, 2018, compared to 7.99% in June of last year. 19659002] However, the net ratio of NPA decreased to 4.19 percent as of June 30, 2018 compared to 4.86 percent earlier.
As a result, there was an increase in supplies and contingencies, which more than doubled to Rs 5,971.29 crore against Rs 2,608.74 crore earlier.
"While the gross additi NPA increases of Rs 4.036 crore were the lowest of the last 11 quarters, additional provisions on existing NPAs according to the guidelines of the Reserve Bank of India (RBI) (provisions based on the aging and provisions for cases headed by RBI at the National Company.) Law Tribunal) resulted in total provisions of Rs 5,971 crore and a net loss of Rs 120 crore, "he says.
Addressing badysts, Bakhshi said that slippages will be lower in the future and also claimed that the bank is in the end In absolute terms, the bank's gross APMs are expected to be lower in the future. rose to Rs 53,464.94 crore against Rs 43,147.64 crore at the same period a year ago.
The net interest margin decreased from 3.19% to 3.19% was achieved throughout the fiscal year 2017-18.
Providing details on the provisions, he stated that Rs 706.78 crore had to be set aside to meet the regulatory requirements on the provisioning of badets settled according to the two lists of 40 accounts at NCL T.
An additional provision of 247.82 million rupees on exposures fraudulent gems and jewelery accounts from reserves and the surplus had to be reversed and charged to the profit and loss account in the quarter. ] The wholesale banking unit, which houses its corporate exposure, has reported an almost five-fold increase in pre-tax earnings to Rs 3,675 crore. The total badets of this segment also decreased slightly from one quarter to the next.
The share of current short-term deposits and savings increased by 50.5 percent. percent compared to 49 percent a year ago
. The overall capital adequacy ratio was 18.35%, of which 15.84% in Core tier I.
Of the subsidiaries, the benefit of life insurance fell to 282 billion rupees compared to the previous year. The profit of ICICI Securities rose 14 percent to Rs 134 crore, while the same for the badet management arm decreased to Rs 80 crore from Rs. 141 crore. to close at Rs 293.30 a piece on the ESB before the announcement of the results in the evening
(This story was not edited by the staff of Business Standard and is generated automatically from a syndicated feed.)
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