ICICI Bank on Friday reported a 30 per cent slide in September quarter net at Rs 2,071 crore on a higher base and exuded confidence on trimming NPAs in FY18, even as results of RBI's risk based supervision (RBS) are awaited.
The bank's standalone net dipped 33 per cent to Rs 2,058 crore in the reporting quarter. last year, it had notched a one-time gain of over Rs 5,600 crore on a stake sale in its life insurance arm which boosted profits.
The bank's core net interest income grew 9 per cent to Rs 5,709 crore on a 6.3 per cent overall loan growth (including 12.8 per cent in domestic market), and a 0.14 per cent expansion in net interest margin to 3.27 per cent.
The non-interest income slid to Rs 5,186 crore from the year-ago's Rs 9,120 crore achieved on the back of the stake sale in its insurance arm's IPO, but fee income was up. Its managing director and chief executive Chanda Kochhar attributed the fall in profit primarily due to the one time gain last year, which dwarfs the approximately Rs 2,100 crore made through the sale of stake in general insurance arm during the reporting quarter.