ICICI Bank third-quarter profit slips 2.7 percent
Wed Jan 30 2019
Lucy Harlow (3403 articles)

ICICI Bank third-quarter profit slips 2.7 percent

ICICI Bank reported a 2.7 percent fall in third-quarter net profit on Thursday, missing analysts’ estimates by a wide margin, as it set aside higher provisions.

Net profit fell to 16.05 billion rupees ($ 225.51 million) in the three months to Dec. 31, from 16.50 billion rupees a year earlier, India’s third-biggest private-sector lender by market value said.

That compares with analysts’ average estimate for a profit of 18.36 billion rupees, I/B/E/S data from Refinitiv showed.

However, gross bad loans as a percentage of total loans, a measure of asset quality, fell to 7.75 percent at the end of December, from 8.54 percent in the previous quarter and 7.82 percent in the same period a year earlier.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe

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