April 24, 2024 00:26 (IST)
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ICICI Bank see a jump in bad loans during its December 2015 quarter
Mumbai, Jan 28 (IBNS): The December quarter results of ICICI Bank, posted on Thursday, failed to meet analysts' expectations.
ICICI Bank, a private sector lender by assets, reported its third quarter (ending December 2015) results on Thursday.
The company's standalone net profit increased 4.5% to Rs 3,020 crore in December 2015 compared to the same quarter a year ago.
In its BSE filing, the bank said its net non-performing assets stood at Rs 10, 014 crore at the end of the December quarter. The company's net non-performing asset in the preceding quarter (which ended on Sep 30, 2015) stood at Rs 6,828 crore.
The bank attributed the increase in net non-performing assets to a directive from the Reserve Bank of India (RBI) that asked lending banks to focus on early and conservative recognition of stress and make adequate provisions for the same with a target of completing this process by March 2017.
The RBI has asked banks to review certain loan accounts and their classification over the two quarters ending December 31, 2015 and March 31, 2016.
During its earnings call, the company said, the bank continued to maintain healthy CASA ratios on a period-end basis as well as daily average basis. Savings account deposits grew by 14.8% year-on-year to Rs 1.27 trillion as of December 31, 2015.
The bank’s cost-to-income ratio was at 32.2% in the third quarter and 35.6% in the nine months ending December 31, 2015, compared to 36.3% and 37.1% in the
corresponding periods of fiscal 2015.
The bank said it will continue to focus on enhancing its customer service capability and leveraging its increased branch network to cater to its customer base.
During the quarter, the Bank added 102 branches and 408 ATMs to its network. As of December 31, 2015, the Bank has a branch network of 4,156 branches and 13,372 ATMs.
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