ICICI Bank third-quarter net profit drops 3%

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ICICI Bank’s net profit dropped by 2.7% to Rs.1,604.91 crore for the third quarter which ended December as compared to Rs.1,650 crore profit it made during the same period of the last fiscal year according to a report by Indian Express.

ICICI Bank- earnings
ICICI Bank third-quarter net profit drops 3%

The bank’s total income surged to Rs.20,163.25 crore for the third quarter of the current fiscal year as compared to Rs.16,832.22 crore it made in the third quarter of the previous fiscal year.

Gross non-performing assets (NPA) were calculated to be at Rs.51,591 crore for the month of December 2018 as compared to Rs.54,488 crore calculated in the month of September 2018, and Rs.46,038 crore in the month of December 2017.

ICICI Bank’s gross NPA addition decreased from Rs.3,117 crore in the second quarter ended September 2018 to Rs.2,091 crore in the third quarter for the fiscal year 2019.

The lender’s net interested margin was computed to be at 3.40% during the third quarter for the FY2019. The bank saw its net interest income surge 21% year-on-year (YoY) to Rs.6,875 crore for the third quarter.

The bank’s operating profits rose from Rs.5,057.75 crore calculated in the third quarter of the previous fiscal year to Rs.6,146.42 crore for the third quarter in the fiscal year 2019.

Sources: Indian Express, Economic Times, Moneycontrol

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