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Summary ICICI said Friday that net profit for the July to September quarter was 19.6 billion rupees.
Indias ICICI Bank reported a 30 percent rise in quarterly profit Friday, beating expectations as it managed to improve loan quality and grow its loan book even as the country struggles with rising bad debt.ICICI said Friday that net profit for the July to September quarter was 19.6 billion rupees ($370 million).Analysts polled by FactSet forecast quarterly profits to jump 25 percent from a year ago, to 18.7 billion rupees.The ratio of net nonperforming assets to the total loan book was 0.66 percent on September 30, down from 0.8 percent a year ago. Advances rose 18 percent to 2.8 trillion rupees ($52.0 billion).Indias banks, particularly in the public sector, have been struggling with rising bad debt as corporates face slowing growth.I think its just a matter of time even for a large private bank before the asset quality problems start surfacing, Nirmal Bang Securities analyst Hemindra Hazari told CNBC-TV18. Our outlook is that the stagnation may continue and even deteriorate. In such a situation any bank that has increased its corporate book is going to face a downturn. One has to be prepared for that.
