MUMBAI: India’s second-largest private sector lender ICICI Bank reported a 6 per cent decline in the September quarter consolidated net profit to Rs 11.31 billion, weighed down by one-time deferred tax adjustments and higher delinquency in retail loans.
On a standalone basis, the bank posted a net profit of Rs 6.55 billion for July-September as against Rs 9.08 billion in the year-ago period due to a Rs 30.20 billion tax adjustment hit, as it shifted to the new tax regime.
From an asset quality perspective, which has weighed heavily on its performance in the past few years, the bank reported an improvement in the gross non-performing assets ratio at 6.37 as against 8.54 in the year-ago period, as the overall slippages declined to Rs 24.82 billion from Rs 31.00 billion.
However, retail loans constituted as much as Rs 13,23 billion of fresh slippages, and there was also an increase in the low-rated book that can cause more pains in the future, at Rs 160 billion, up from Rs 153.50 billion a year ago. — IANS
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