ICICI Bank Q3 profit down 3% at Rs 1,605 cr

Country's largest private sector lender ICICI Bank reported 2.7 per cent decline in standalone net profit to Rs 1,604.91 crore for the third quarter ended December 2018 as provisions for bad loans increased.

The bank had registered Rs 1,650 crore net profit in the corresponding quarter of 2017-18.

The total income rose to Rs 20,163.25 crore during the quarter as compared to Rs 16,832.22 crore in the same period a year ago, ICICI Bank said in a statement.

The bank's asset quality improved slightly with gross non-performing assets (NPAs) falling to 7.75 per cent of gross loans at December-end 2018 compared to 7.82 per cent a year ago.

Net NPAs too came down to 2.58 per cent of total advances from 4.20 per cent at December-end 2017.

However, the provisions other than tax and contingencies rose to Rs 4,244.15 crore during the quarter as against Rs 3,569.56 crore in the year-ago period.