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ICICI Bank fiscal Q4 net profit plummets 86.8% YOY

ICICI BankLtd.'s net profit for the fiscal fourth quarter ended March 31plunged 86.8% year over year, as a surge in provisions and contingencies duringthe period hit the lender's bottom line.

The bank said consolidated net profit for the period sank to4.07 billion rupees from 30.85 billion rupees in the prior-year period. EPSfell year over year to 69 paise from 5.27 rupees.

Operating profit before provisions and contingenciesincreased to 73.82 billion rupees from 62.01 billion rupees, while provisionsand contingencies more than doubled to 34.97 billion rupees from 15.71 billionrupees in the year-ago quarter.

Total expenditure, excluding provisions and contingencies,jumped to 208.35 billion rupees from 187.13 billion rupees.

The bank also said it made a collective contingency andrelated reserve of 36 billion rupees during the fiscal fourth quarter, over andabove provisions made for nonperforming and restructured loans as per thecentral bank's guidelines.

The bank recorded nonperforming assets of 132.97 billionrupees at the end of March, up from 100.14 billion rupees at the end of 2015.The net NPA ratio also rose to 2.67% from 2.03% as of Dec. 31, 2015.

Including cumulative prudential and technical write-offs,the bank's provisioning coverage ratio stood at 61.0% at the end of March.Excluding those, the provisioning coverage ratio was 50.6%.

For the full-year, the bank's consolidated net profitdropped 16.9% to 101.80 billion rupees from 122.47 billion rupees in the priorfiscal year. Full-year EPS fell to 17.41 rupees from 20.94 rupees.

Under Basel III norms, the bank's capital adequacy ratiostood at 16.64% at the end of the fiscal year. The Tier 1 capital adequacyratio was 13.09%.

As of April 28 US$1was equivalent to 66.48 Indian rupees.