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ICICI Bank's fiscal Q1 net profit falls YOY as provisions surge

India's ICICI Bank Ltd. reported a year-over-year decline in consolidated net profit for the quarter ended June 30, amid a jump in bad debt provisions.

Consolidated net profit for the fiscal first quarter plunged to 49.3 million Indian rupees, or 1 paise per share, from 26.05 billion rupees, or 4.02 rupees per share, in the year-ago quarter.

On an unconsolidated basis, the bank reported a loss of 1.20 billion rupees, compared to a profit of 20.49 billion rupees in the prior-year period. EPS fell to a loss of 18 paise from a profit of 3.17 rupees in the prior-year quarter.

Interest earned rose to 147.22 billion rupees from 134.59 billion rupees. Income on investments climbed to 31.36 billion rupees from 28.27 billion rupees in the year-ago quarter.

Provisions and contingencies for the quarter more than doubled to 59.71 billion rupees from 26.09 billion rupees in the year-ago period.

As of June 30, ICICI Bank's stand-alone gross nonperforming customer assets ratio clocked in at 8.81%, compared to 8.84% at the end of March and 7.99% in the prior-year period. The net nonperforming customer assets ratio for the period was 4.19%, down from 4.77% at the end of March and 4.86% in the prior-year period.

The bank's capital adequacy ratio under Basel III came in at 18.35%, compared to 18.42% as of March 31 and 17.69% in the same period in 2017.

As of July 26, US$1 was equivalent to 68.70 Indian rupees.