It is the lowest quarterly profit since June 2006 amidst a sharp increase in provisions for bad loans.
The lender had reported a net profit of Rs 2,922 crore during the same period last year and Rs 3,018 crore in the quarter ended December 2015.
Mumbai: ICICI Bank has reported one of its worst quarterly performances with its standalone net profit plunging by 76 per cent to 702 crore. It is the lowest quarterly profit since June 2006 amidst a sharp increase in provisions for bad loans.
The lender had reported a net profit of Rs 2,922 crore during the same period last year and Rs 3,018 crore in the quarter ended December 2015.
The sharp drop in quarterly profit was on account of the special contingency provisions created by the bank over and above the normal provisions to deal with the prolonged stress in certain sectors. The bank has set aside a contingency reserve of Rs 3,600 crore in the fourth quarter for fiscal 2016.
( Source : Deccan Chronicle. )
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