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ICICI Bank Q4 profit drops on higher expenses

BENGALURU: ICICI Bank Ltd reported a 5 in line with cent drop in fourth-quarter benefit on Monday, lacking estimates, partially as a upward push in expenses overshadowed a fall in provisions for bad loans.

Asset high quality improved at ICICI Bank, with gross bad loans as a percentage of total loans easing to 6.7 in line with cent within the quarter ended March 31, from 7.75 in line with cent within the earlier quarter and 8.84 in line with cent a year earlier.

Provisions for bad loans fell 17.7 in line with cent to Rs 5,451 crore.

However, total expenses jumped 18.1 in line with cent to Rs 14,680 crore, led via 17 in line with cent upward push in interest that the bank paid on its deposits.

Net benefit dropped to Rs 969 crore ($139.71 million) within the 3 months ended March 31, from Rs 1,020 crore a year earlier when stricter central bank (RBI) laws had forced the country's third-biggest lender via belongings to account for extra bad loans.

Analysts had been on the lookout for a benefit of Rs 2,129 crore, I/B/E/S data from Refinitiv confirmed.

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