ICICI Bank Q2 net falls Rs 1044 cr

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Last year, it had notched a one-time gain of over Rs 5,600 crore on a stake sale in its life insurance arm which boosted profits. It saw a rise in NPAs by Rs 6,355 crore as the Reserve Bank of India (RBI) asked it to restate bad loan figures for FY17. During the day, it dropped 9.85 per cent to Rs 299.

YES Bank's non-performing assets (NPA) ratio rose more than 100 percent to 1.82 per cent of total loans, wrecked by the RBI's risk based supervision (RBS) finding a divergence or under-reporting of Rs 6,355 crore of assets which should have been classified as NPAs.

Provisions and contingencies fell 36.42 percent to Rs 4,502.93 crore from Rs 7,082.69 crore a year ago.

"We still await the final report from the RBI...the inspection process is going on and we will disclose them (the divergences, if any) in the third quarter..."

Kochhar said that an additional provision of Rs651 crore, which was required to be spread across three quarters against nine accounts where banks have initiated insolvency proceedings, was made in the September quarter itself. About Rs 440 crore of loans in this pool have been sold to ARCs.

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"The PNB has the exposure in nine accounts out of 12 stressed accounts referred to IBC and the exposure would be to the tune of Rs 12,000 crore in the nine accounts".

Kochhar expressed satisfaction with the progress on the initial list of 12 accounts, saying 11 of them are already in the NCLTs.

During the quarter, gross NPAs in absolute terms rose to Rs 2,720.34 crore against Rs 1,364.38 crore in the preceding quarter and Rs 916.68 crore in the same quarter past year. "Our domestic loan portfolio grew by 12.4 per cent on year-on-year basis, and the retail portfolio grew by 18.6 per cent", she said, adding that the bank expects 15 per cent growth in domestic loans in the current financial year, driven by 18-20 per cent growth in retail loans.

Talking to newspersons during a conference call, ICICI Bank MD and CEO, Chanda Kochhar, said that the growth strategy was in place with priorities around improving the portfolio mix quality and strong retail franchisee-based growth.

The worldwide book was down by 21 per cent, primarily due to the loans given after the FCNR (B) deposit scheme, Kochhar said.

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