ICICI Bank

This was probably the most awaited number and to say that it was disappointing is to put things very lightly. The numbers were actually shocking – as against most experts estimating a modest 6 to 10% growth in net profit, the Bank reported a sharp 87% (YoY) drop in consolidated net profit at Rs.407 crore. This was mainly on account of an exceptional provisioning of Rs.3600 crore though other parameters were good. On a standalone basis net profit fell 76% to Rs.702 crore. The Bank said that it provided Rs.3600 crore as collective contingency and related reserves, above what the RBI had stipulated in in view of the stress it expects from the “iron & steel, mining, rigs, power and cement sectors in the future”.

During the quarter, some Rs.7000 crore worth of loans slipped into NPAs. Of this, 60% fresh slippages came in from the AQR and Rs.2,700 crore from restructured assets which slipped into NOAs. The total tally of restructured assets now stands at Rs.8573 crore. And in terms of NPAs, its Gross NPA rose from Rs.3.78% (YoY) and 4.72% (QoQ) to 5.82%.

Its Net Interest Income showed a 6% growth at Rs.5404 crore and non-NII is what contributed the most – showing a growth 46% (YoY) at Rs.5109 crore. What really helped the surge in non-NII was the insurance vertical, which added Rs.2131 crore.