ICICI Bank net up but weighed down by higher provisions

Chennai, Jan 28 (IANS) ICICI Bank Ltd on Thursday said it closed the third quarter of the current fiscal with a higher net profit over the corresponding period of the previous year.

In a regulatory filing in BSE, the bank said it has earned a net profit of Rs.3,018.13 crore for the quarter ended December 31, 2015 up from Rs.2,889.04 crore for the quarter ended December 31, 2014.

The bank’s net would have been much higher but for higher provisions to the tune of Rs.2,844.05 cror for the quarter under review up from Rs.979.69 crore for the quarter ended December 31, 2014.

The bank’s total income went up to Rs.17,562.95 crore for the quarter under review from Rs.15,526.88 crore for the quarter ended December 31, 2014.

According to ICICI Bank, its gross and net non-performing assets (NPA) as on December 31, 2015 stood at Rs.21,149.19 crore and Rs.9,907.83 crore respectively up from Rs.13,082.62 crore and Rs.4,773.10 crore as on December 31, 2014.

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