ICICI Bank Q3 net profit drops 2.7 per centhttps://indianexpress.com/article/business/banking-and-finance/icici-bank-q3-net-profit-drops-2-7-per-cent-5561960/

ICICI Bank Q3 net profit drops 2.7 per cent

Gross NPA additions decreased from Rs 3,117 crore in the quarter ended September 2018 (Q2-2019) to Rs 2,091 crore in Q3-2019, the lowest in the last 14 quarters.

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The net NPA ratio decreased from 3.65 per cent at September 2018 to 2.58 per cent at December 31, 2018.

Private sector lender ICICI Bank on Wednesday reported 2.7 per cent decline in its standalone net profit to Rs 1,604.91 crore for the third quarter ended December 2018 as against Rs 1,650 crore net profit in the corresponding period of last year.

Total income rose to Rs 20,163.25 crore during the quarter as compared to 16,832.22 crore in the same period a year ago, the bank said in a statement on Wednesday. Gross non-performing assets (NPAs) were at Rs 51,591 crore as of December 2018 as against Rs 54,488 crore in September 2018 and Rs 46,038 crore in December 2017.

Gross NPA additions decreased from Rs 3,117 crore in the quarter ended September 2018 (Q2-2019) to Rs 2,091 crore in Q3-2019, the lowest in the last 14 quarters.

The net NPA ratio decreased from 3.65 per cent at September 2018 to 2.58 per cent at December 31, 2018. The provision coverage ratio on non-performing loans, including cumulative technical/prudential write-offs, increased by 690 bps sequentially to 76.3 per cent at December 31, 2018, further strengthening the balance sheet. The gross additions to NPA were Rs 2,091 crore in Q3-2019.