Of the NPA additions during the quarter, Rs 5,378 crore ($829 million) was due to one account in the cement sector.
NEW DELHI: Top private lender ICICI Bank on Wednesday reported a 188 per cent or three-fold year-on-year jump in net profit at Rs 2,025 crore for the March quarter.Analysts in an ETNow poll had predicted Rs 2,115 crore profit for the quarter.
On a net basis, the non-performing asset ratio stood at 4.89 per cent as of March 31 compared with 3.96 per cent as of December 31, 2016.“During Q4 of 2017, NPA additions have been elevated.
The bank had reported a net profit of Rs 702 crore for the corresponding quarter last year.Net interest income (NII), or the difference between interest income that a bank earns from lending activities and the interest it pays to depositors, rose 10.3 per cent year on year to Rs 5,962 crore for the quarter compared with Rs 5,405 crore reported for the year-ago period.Non-interest income for the quarter rose to Rs 3,017 crore compared with Rs 2,978 crore in the year-ago quarter.
This excludes gains of Rs 2,131 crore on sale of a stake in the insurance subsidiary during the quarter, the company said.Provisions for the quarter stood at Rs 2,898 crore, which were higher than Rs 2,713 crore reported for December quarter, but lower than Rs 3,326 crore reported for the same quarter last year.Gross non-performing assets stood at 7.89 per cent of gross advances for the quarter, compared with 7.91 per cent reported for December quarter.
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ICICI Bank Q4 profit jumps 3-fold but bad loans spike 26%; announces bonus 1:10
It said additions to NPAs in Q4FY17 excluding this cement account were Rs 5,911 crore compared to Rs 7,037 crore in Q3FY17.
“Of the additions to NPAs (slippages) during the quarter, Rs 5,378 crore was due to one account in the cement sector.
Provisions for bad loans during the quarter increased 6.8 percent sequentially to Rs 2,898.22 crore but fell 12.86 percent compared with year-ago period.
The bank had, on a prudent basis, made a collective contingency and related reserve of Rs 3,600 crore in year-ago period.
“Fee income increased by 11 percent on a year-on-year basis to Rs 2,446 crore in Q4FY17 from Rs 2,212 crore in Q4FY16,” the bank said.
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Facebook profit jumps as user base nears 2 billion
Meanwhile, the number of people using Facebook monthly increased 17 percent to 1.94 billion, according to the earnings report.
Facebook on Wednesday reported its quarterly profit jumped just over $3 billion as its ranks of monthly users closed in on two billion.
The number of people using Facebook monthly increased 17 percent to 1.94 billion, according to the earnings report’We had a good start to 2017,’ Facebook co-founder and chief Mark Zuckerberg said in the release.
Apart from the core Facebook network, which contributes a lion’s share to the overall revenue, the company’s photo-sharing app Instagram and messaging service Whatsapp also have a huge user base.
Analysts on average had expected total ad revenue of $7.68 billion, according to FactSet.