ICICI Bank Q4 profit jumps three fold; bad loans up 26 pct

ICICI Bank Q4 profit jumps three fold; bad loans up 26 pct

ICICI Bank shares zoomed after its net profit soared to Rs 2,024.64 crore, from Rs 701.89 crore a year ago. Net interest margin, which increased 11 basis points to 3.42% in the March 2017 quarter, is likely to be around 3.25% in current financial year, the CEO said.

"Of the additions to the NPA during the quarter, Rs 5,378 crore was because of one account in the cement sector".

For the full year, net loss reported to Rs 1372.51 crore in the year ended March 2017 as against net profit of Rs 100.69 crore during the previous year ended March 2016.

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Federal Bank's Gross NPAs declined 12% in the quarter.

"While the (cement firm's) M&A transaction has received most of the requisite approvals, including the approval of the National Company Law Tribunal, it is awaiting certain last mile approvals due to which the transaction could not be concluded by March 31, 2017", the bank said. This and other efforts like upgradation and write-offs helped the bank reduce Rs 3,763 crore bad loans in FY17 as against Rs 3,126 crore in FY16. Kochhar said that year-on-year growth in domestic advances was 14 per cent, about eight percentage points higher compared to non-food credit growth for the banking system at March 31, 2017.

He further said the bank will continue to focus on collecting interest from borrowers classified as NPAs or under the strategic debt restructuring scheme.

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At the beginning of the year, ICICI Bank had identified loans worth Rs 44,065 crore as part of what it calls a "drill-down list".

Several public sector banks have been struggling to cope with rising bad loans and higher provisions to cover for a risk of defaults.

ICICI Bank shares had closed 1.16 percent down at Rs 272.75 at the BSE on Wednesday, prior to the announcement of earnings data. They said, "Overall pool of stressed loans is showing signs of stability, and bulk of NPA recognition is happening from watch list and OSRL".

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