ICICI Warns Cost Cuts As Surging Bad Loans Eat Into Profit Margins

ICICI Warns Cost Cuts As Surging Bad Loans Eat Into Profit Margins

Net Loss of Bank of Maharashtra reported to Rs 455.45 crore in the quarter ended March 2017 as against net loss of Rs 119.84 crore during the previous quarter ended March 2016.

Standalone net profit almost tripled to 20.25 billion rupees ($315.7 million) for the three months to March 31, from 7.02 billion rupees reported a year earlier, the Mumbai-based lender said on Wednesday.

Net interest income grew 10.32% to Rs 5,962.16 crore during the quarter from Rs 5,404.51 crore in Q4FY16.

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"Standalone profit after tax was Rs 9,801 crore (US$ 1.5 billion) for FY2017 compared to Rs 9,726 crore (US$ 1.5 billion) for FY2016", the statement said. Total Operating Income declined 7.74% to Rs 2970.36 crore in the quarter ended March 2017 as against Rs 3219.52 crore during the previous quarter ended March 2016. The bank reported lower provisions during the quarter with provisions dropping 12.86% to Rs 2,898.22 crore against Rs 3,326.21 crore in the year ago period.

Private sector lender ICICI Bank has warned of higher provisions in fiscal 2018 due to the uncertainties in resolving bad loans and a possible spike in the money to be set aside for standard assets in troubled sectors which may crimp its margins by around 100 bps.

Its gross non-performing assets ratio shot up to 7.89 per cent from 5.21 per cent in the year-ago period and 7.20 per cent in the December quarter.

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On the asset quality front, the bank believes that NPA addition should be significantly lower in FY18 compared with FY17, Chanda added. "As a result, the bank has classified the account as non-performing", the bank said. They said, "Overall pool of stressed loans is showing signs of stability, and bulk of NPA recognition is happening from watch list and OSRL".

The bank also announced the issue of one bonus share for every 10 shares and a dividend of Rs. 2.50 per share.

Shares in ICICI Bank fell about 1 per cent ahead of the earnings release.

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