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ICICI Bank Q4 profit jumps to Rs2,025 crore, announces bonus shares

LiveMint logoLiveMint 03-05-2017 Ashwin Ramarathinam

Mumbai: Private sector lender ICICI Bank on Wednesday reported a huge jump in quarterly net profit due to lower provisioning. The bank announced to issue of one bonus share for every 10 shares and dividend of Rs2.50 per share.

March quarter net profit at the bank rose to Rs2024.64 crore from Rs701.89 crore a year ago. According to estimates of 22 Bloomberg analysts, the bank was expected to post a net profit of Rs2,142.60 crore.

Net interest income (NII), or the core income a bank earns by giving loans, rose 10.32% to Rs5,962.16 crore in the March quarter from Rs5,404.51 crore last year.

Other income decreased 40.94% to Rs3,017.23 crore in the fourth quarter from Rs5,108.93 crore in the same period last year. Gross non-performing assets (NPAs) increased by 11.73% to Rs4,2551.54 crore at the end of the March quarter from Rs38,084.97 crore in the December quarter.

As a percentage of total loans, gross NPAs were 7.89% at the end of the March quarter compared with 7.2% in the previous quarter and 5.21% a year ago.

Provisions and contingencies increased 6.84% to Rs2,898.22 crore in the fourth quarter from Rs2,712.70 crore a quarter ago. Net NPAs rose to 4.89% in the March quarter compared with 3.96% in the previous quarter and 2.67% in the same quarter last year.

Shares of ICICI Bank Ltd lost 1.16% to close at Rs272.75 per share on Wednesday on the BSE, while the benchmark index, Sensex lost 0.09% to close at 29894.80 points.

(PTI contributed to this story)

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