Private sector lender ICICI Bank’s quarter fourth quarter standalone profit gallops Rs. 2024.64 Cr. from Rs. 701.89 Cr, a year ago. The surge in profit clocked 188.4%, nearly three-fold, but bad loans enhanced sharply due to one account in cement sector.
In quarter fourth fiscal 2016, profit had impacted by provisions. The bank had made a collective contingency and related reserve of Rs 3,600 Cr, in year-ago period, on a prudent basis. The bank further announced to issue of one bonus share for every 10 shares and dividend of Rs. 2.50 share apiece. It was announced by ICICI bank on Wednesday, 3 May 2017.
Net interest income earns by giving loans rose 10.32% to Rs. 5,962.16 cr in the March quarter, from Rs. 5,404.51 Cr. last year, whereas other income decreased 40.94% to Rs. 3,017.23 Cr. in the Q4 Versus Rs. 5,108.93 Cr, in the same period last year. Gross non-performing assets (NAP) spiraled by 11.73% to Rs. 42,551.54 Cr, and net NPA jumped 26.3% to Rs 25,451.03 Cr, compared with last quarter, hit by slippages of Rs 11,289 crore.
Provisions and contingencies increased 6.84% to Rs. 2,898.22 Cr. in the Q4 from Rs. 2,712.70 Cr, a quarter ago. Net non-performing assets rose to 4.89% in the March quarter versus 3.96% in the previous quarter and 2.67% in the same quarter last year. ICICI Bank said, its board has recommended a dividend of Rs 2.50 per share, and an issue of bonus shares in ratio of one equity share for every 10 equity shares, including shares underlying ADS.