ICICI Bank reported 189 percent increase in standalone net profit for the March 2017 quarter (Q4) to Rs 2,025 crore ($312 million) from Rs 702 crore ($108 million) in the corresponding period previous year, helped by a drop in provisioning for bad loans and rise in net interest income.
On the other hand, the total income during the year under review rose to Rs 31,758.97 crore from Rs 31,453.46 crore reported in the financial year ended March 31, 2016. Net NPAs were 13.21 per cent against 6.78 per cent. The government had earlier said that it would pare its stake in the bank. It would be looking at reducing exposure to the corporate sector from 65% of its total loan book at present to 50% for risk mitigation.
This comes a day after India Ratings downgraded its rating for the bank to AA from AA+ and gave a negative outlook due to challenges relating to high stressed assets and weak capital position. "But it may invoke PCA".
Public sector lender Indian Overseas Bank.
Shares of IDBI Bank tanked almost 8 per cent today after the companys net loss almost doubled at Rs 3,200 crore in the quarter to March 2017.
During the quarter the total advance of the bank has increased by 3.89 percent over the previous quarter.
Microsoft Azure servers coming to South Africa
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KBV Q4 net rises 58%.
The net interest income for the lender has gone up by 14.43% to ₹1,633 crore for the quarter ended March 2017 while net interest margin increased by eight basis points from 1.67% as on March 2016 to 1.75% as on March 2017, IDBI said in a statement.
For the year ended March'2017 the Cash Recovery from NPA aggregated Rs.488.37 crore and Reduction of NPA Assets were to the tune of Rs.2052.10 crore.
The gross NPA of the bank was at 15.53 percent and net NPA was at 10.02 percent, Q-o-Q. Net NPA percentage decreases by 0.60% over previous quarter. The provision coverage ratio stood at 74%.
Total income during the January-March quarter of 2016-17 was slightly up at Rs 5,105.07 crore. The net interest margin (NIM) too has increased.
The company saw the strongest growth in the home finance category, with disbursal to the self-employed rising 167% y-o-y to Rs 655 crore during the quarter and those to salaried borrowers growing 131% to Rs 560 crore. Net interest income (NII) during the period grew 23.8% y-o-y to Rs 501.94 crore. But the underlying fundamentals of the general insurance business continued to be strong.