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ICICI Bank Q4 net profit jumps three-fold but lags estimates
Written By Reuters
Published: | Updated:
ICICI Bank on Wednesday posted over 188.5% rise in its standalone net profit but reported a smaller-than-expected growth in fourth-quarter net profit as bad loans rose.
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A municipal worker walks past a logo of ICICI Bank at its headquarters in Mumbai. Image Source: Reuters
ICICI Bank, India`s third-biggest lender by assets, reported a smaller-than-expected growth in fourth-quarter net profit as bad loans rose.
Standalone net profit nearly tripled to Rs 20.25 billion ($315.7 million) for the three months to March 31, from Rs 7.02 billion reported a year earlier, the Mumbai-based lender said on Wednesday.
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Analysts on average had expected a net profit of Rs 22.04 billion, according to Thomson Reuters data.
The bank`s gross bad loans as a percentage of total loans rose to 7.89% as of end-March, from 7.2% at the end of December and 5.21% a year earlier.
On Wednesday, the stock of ICICI Bank closed down 1.16% or Rs 3.20 at Rs 272.75 on the BSE.
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