scorecardresearch
ICICI Bank Q3 net profit meets estimates, bad loans up

ICICI Bank Q3 net profit meets estimates, bad loans up

Net profit rose 4.5 per cent to Rs 3,018 crore ($443 million) for its fiscal third quarter to December 31, from Rs 2,889 crore reported a year earlier, the bank said in a statement.

Analysts on average had expected a net profit of Rs 30.17 crore for the bank, which is also listed in New York. Analysts on average had expected a net profit of Rs 30.17 crore for the bank, which is also listed in New York.

ICICI Bank, country's biggest private sector lender by assets, reported a surge in bad loans for the December quarter partly due to a central bank direction to reclassify some troubled loan accounts as bad loans.

Net profit rose 4.5 per cent to Rs 3018 crore ($443 million) for its fiscal third quarter to December 31, from Rs 2,889 crore reported a year earlier, the bank said in a statement on Thursday.

Analysts on average had expected a net profit of Rs 30.17 crore for the bank, which is also listed in New York.

Gross bad loans as a percentage of total loans widened to 4.72 per cent in the December quarter from 3.77 per cent in the previous three months.

($1 = Rs 68.1100)

(Reuters)