ICICI Bank's Q4 net profit down 5 per cent

The net profit during the quarter under review fell to `969 crore from `1,020 crore reported for the corresponding period of the previous fiscal

Mumbai: Private sector ICICI Bank on Monday reported a five per cent decline in its standalone net profit for the fourth quarter of 2018-19 ending March.

According to the bank, its net profit during the quarter under review fell to Rs 969 crore from Rs 1,020 crore reported for the corresponding period of the previous fiscal.

However, the bank's net interest income (NII) during the fourth quarter rose to Rs 7,620 crore, from Rs 6,022 crore earned during the corresponding quarter of the previous year.

The bank made provisions worth Rs 5,451 crore during the quarter in question, as compared to the Rs 6,626 crore provisioning in the same quarter of 2017-18.

"The gross additions to NPA (non-performing asset or bad loans) were Rs 3,547 crore in Q4-2019 compared to Rs 2,091 crore in Q3-2019," the lender said in a statement.

"The gross NPA additions in Q4-2019 include an account in the sugar sector where the payment obligations are being met, which has been classified as non-performing pursuant to a regulatory interpretation communicated to banks relating to change in management."

In the entire fiscal 2018-19, the lender's standalone profit after tax (PAT) declined to Rs 3,363 crore from Rs 6,777 crore in the previous fiscal.

"The profit after tax in FY2018 included gains of Rs 5,332 crore from sale of shareholding in subsidiaries, compared to Rs 1,110 crore in FY2019," the statement said.

The lenders' NII during the last fiscal rose to Rs 27,015 crore from Rs 23,026 crore earned during the previous year.

"Consolidated profit after tax was Rs 1,170 crore in Q4-2019 compared to Rs 1,874 crore in Q3-2019 and Rs 1,142 crore in Q4-2018," the statement said.

"Consolidated profit after tax was Rs 4,254 crore in FY2019 compared to Rs 7,712 crore in FY2018," it added.