ICICI Bank second-quarter profit falls, but bad loans stable

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Yes Bank said the net impact of the retrospective slippages has been reflected in the results for the quarter ended September 30.

Analysts on average had expected a net profit of 24.91 billion rupees, according to Thomson Reuters data.

Total income during July-September quarter stood at Rs 11,994.64 crore, down from Rs 12,187.12 crore in the same quarter a year ago, Canara Bank said in a BSE filing.

But some of ICICI's private sector rivals have disclosed additional bad loans following a central bank audit of their books for the last financial year. The net NPA too rose to 7.02 per cent from 6.69 per cent.

This stemmed from the sale of stake in ICICI Prudential Life Insurance Company.

On an yearly basis, the YES Bank stock is down 75 percent.

Talking to newspersons during a conference call, ICICI Bank MD and CEO, Chanda Kochhar, said that the growth strategy was in place with priorities around improving the portfolio mix quality and strong retail franchisee-based growth.

The bank is targeting for a 15 per cent growth in domestic advances in FY18 on the back of a 18-20 per cent growth in retail, Kochhar said.

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During the second quarter, Yes Bank reported a net interest income (interest earned minus interest expended) of Rs 1885 crore, a growth of 33.5 per cent over past year.

The gross NPA ratio declined to 7.87% from 7.99% reported at the end of the June quarter.

Provisions and contingencies fell 36.42% to Rs4,502.93 crore from Rs7,082.69 crore a year ago.

During the quarter, gross NPAs in absolute terms rose to Rs 2,720.34 crore against Rs 1,364.38 crore in the preceding quarter and Rs 916.68 crore in the same quarter a year ago.

The bank said that it has exposure to 18 accounts that are part of a second list of defaulters compiled by RBI.

The bank gained Rs 2016 crore by selling shares in ICICI Lombard in the quarter under review against Rs 5682 crore gained by selling shares of ICICI Prudential in the same period a year ago.

"The PNB has the exposure in nine accounts out of 12 stressed accounts referred to IBC and the exposure would be to the tune of Rs 12,000 crore in the nine accounts".

ICICI Bank shares rose 0.57% to Rs.300.95 at close of trading on the BSE on a day the benchmark Sensex edged up 0.03% to 33,157.22 points.

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