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ICICI Bank sees fiscal Q3 net profit slide 19.1% YOY

ICICI Bank Ltd. posted a 19.1% year-over-year decline in net profit for the fiscal third quarter ended Dec. 31, 2016.

The bank said net profit for the quarter dropped to 24.42 billion Indian rupees from 30.18 billion rupees for the prior-year period, while EPS fell to 4.18 rupees from 5.17 rupees.

The company's total income slipped to 175.56 billion rupees from 175.63 billion rupees for the prior-year period.

Interest earned for the quarter increased to 136.18 billion rupees from 133.46 billion rupees, while operating profit declined year over year to 55.24 billion rupees from 65.60 billion rupees.

Provision and contingencies for the quarter decreased to 27.13 billion rupees from 28.44 billion rupees for the prior-year period.

The bank's capital adequacy ratio under Basel III stood at 15.98% as of Dec. 31, 2016, up from 15.77% at Dec. 31, 2015, and down from 16.14% as of Sept. 30, 2016.

As of Dec. 31, 2016, the bank's gross nonperforming advances ratio climbed to 7.91% from 4.72% for the prior-year period and from 6.82% as of the end of September 2016. The net NPA ratio rose to 4.35% from 2.28% for the prior-year period and from 3.57% as of Sept. 30, 2016.

As of Jan. 30, US$1 was equivalent to 66.78 Indian rupees.