ICICI Bank Q4 net profit plunges 45% to Rs 1,142 crore

Gross bad loans as a percentage of total loans was 8.84 percent at the end of March, compared with 7.82 percent at the end of the previous quarter and 7.89 percent a year earlier.

ICICI Bank Q4 net profit plunges 45% to Rs 1,142 crore

New Delhi: India`s third-largest lender by assets, ICICI Bank's Q4 consolidated profit plunged 45 percent to Rs 1,142 crore from Rs 2,083 crore a year ago, the company said in a BSE filing on Monday.

Gross bad loans as a percentage of total loans was 8.84 percent at the end of March, compared with 7.82 percent at the end of the previous quarter and 7.89 percent a year earlier.

It had a net profit of Rs 2,083 crore in the January-March quarter of the preceding fiscal, 2016-17. The bank's standalone profit declined by 50 per cent to Rs 1,020 crore as against Rs 2,025 crore in the year-ago quarter.

The results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies and enjoying reciprocal benefits by the family members of the lender's CEO Chanda Kochhar.

With Agency Inputs