Bad loan surge has ICICI Group net falling 16.7% to Rs 2,611crore

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largest private sector lender ICICI Bank on Tuesday reported a 16.7 per cent dip in consolidated post-tax profit at Rs 2,611 crore for the three months to December as asset quality continued to remain under pressure leading to a steep rise in dud loans coupled with lower core interest income. On a standalone basis profit fell a steeper 19.09 per cent to Rs 2,442 crore in the reporting period. Fresh slippages of over Rs 7,000 crore resulted in the gross non-performing assets ratio almost doubling to 7.91 per cent from 4.72 per cent in the year-ago period and at 6.82 per cent in the September quarter. Managing director and chief executive Chanda Kochhar said three-fourths of the NPAs came from a ‘drilldown’ list of advances to below investment grade companies in specifically-identified sectors and restructured advances.    

Daily Pioneer
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