ICICI profits plunge nearly 50% in Q4

New Delhi [India], May 7 (ANI): Private sector banking major ICICI bank on Monday reported an approximate plunge of 50 percent in its standalone profit for the fourth quarter of the fiscal ended March 31, 2018.

The Bank reported a standalone profit after tax of Rs.1,020 crore, compared to that of Rs.2,025 crore in the same period last year. Furthermore, it reported a standalone profit after tax of Rs.6,777 crore for the year ended March 31, compared to the previous year's figure of Rs.9,801 crore.

The core operating profit, or the profit before provisions and tax, excluding treasury income, was Rs.4,829 crore in fourth quarter, compared to Rs.4,609 crore in the same period last year. In terms of the year, the core operating profit was Rs. 18,940 crore in FY2018, compared to Rs.17,910 crore in the previous fiscal.

On the non-performing assets (NPAs) front, gross additions amounted to Rs.15,737 crore in Q4-2018, including Rs.9,968 crore of loans which were under the Reserve Bank of India (RBI) schemes and classified as standard at December 31, 2017.

In terms of consolidated figures, the Bank reported profit after tax of Rs.1,142 crore in Q4-2018, compared to Rs. 2,083 crore for Q4-2017. Consolidated profit after tax was Rs.7,712 crore in FY2018, compared to Rs.10,188 crore in FY2017.

Meanwhile, the private lender reported gross bad loans of 8.84 percent as a percentage of total loans at the end of March, compared to 7.82 percent at the end of the previous quarter and 7.89 percent in the previous year.

Furthermore, the Bank's Board of Directors in its meeting held earlier today recommended a dividend of Rs.1.50 per share, and declaration of dividend subject to requisite approvals. (ANI)

This story has not been edited. It has been published as provided by ANI