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ICICI Bank Third-Quarter Net Profit Dives 32 Percent

The bank, India's third-largest by assets, reported net profit of 16.5 billion rupees ($259.4 million) for the three months to Dec. 31, against 24.42 billion rupees in the same period a year earlier

Photo Credit : Reuters

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India's ICICI Bank's third-quarter profit plunged 32 percent, it said on Wednesday, lagging market expectations.

The bank, India's third-largest by assets, reported net profit of 16.5 billion rupees ($259.4 million) for the three months to Dec. 31, against 24.42 billion rupees in the same period a year earlier. 

That compared with the 19.54 billion rupees average profit estimate of 24 analysts, Thomson Reuters data shows.

Gross bad loans as a percentage of total loans stood at 7.82 percent at the end of December, compared with 7.87 percent at Sept. 30 and 7.2 percent a year earlier.


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