ICICI Bank Q4 profit slumps 45%, no decision on Chanda Kochhar

08 May, 2018, 01:03 | Author: Billie Castillo
  • ICICI Bank's chief executive officer Chanda Kochhar listens to a speaker at a news conference in Mumbai

Gross bad loans as a percentage of total loans stood at 8.84 percent at the end of March compared with 7.82 percent at the end of the previous quarter and 7.89 percent a year earlier.

While the bottomline was in line with Street estimates, it came after provisions rose to Rs 6,626 crore in the January-March quarter compared with Rs 2,898 crore in the same period past year and Rs 3,570 crore in the preceding quarter. Incidentally, the Videocon account became an NPA (Non-Performing Asset) for the bank later.

The provision made by debiting reserves and surplus will be reversed and accounted through the profit and loss account over the subsequent quarters of the year ending March 31, 2019, it added.

The domestic net interest margin (NIM) was 3.67% and the overall net interest margin was 3.24% in Q4-2018.

"The board recommended a dividend of Rs 1.50 per share (equivalent to dividend of United States dollars 0.046 per ADS) for face value of Rs 2. The record or book closure dates will be announced in due course", it said.

The issue of compromise of corporate governance came to the fore when investor and whistleblower Arvind Gupta racked up the issue in the March.He alleged quid pro quo between Videocon Group and ICICI Bank's chief executive officer (CEO) as well as her family members with respect to extending a loan worth Rs 3,250 crore.

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Its total income during the fiscal also declined to Rs 72,386 crore as against Rs 73,661 crore crore in 2016-17.

"However, during the fourth quarter [of FY2018], gross additions to NPA were elevated at ₹15,737 crore. the amount included about ₹9,968 crore of loans which were under the RBI scheme and which were classified as standard as on December 31, 2017. the revised framework for stressed assets, issued in February 2018, had discontinued this scheme".

Kochhar cited the March 28 board statement rallying behind her, a day before the news on the allegations against her began to appear in the media and further reports that led to multi-agency probes, and said she has nothing to add on to the board statement. She also said there are no discussion on the Videocon issue in Monday's board meeting, while reiterating the board's stance that gave a clean chit to the dealings.The bank's board will meet once again on Tuesday to discuss the business plan and strategy for the current year.

The government has nominated Lok Ranjan, Joint Secretary, Department of Financial Services, as government nominee Director on the board of ICICI Bank in place of Amit Agrawal, with effect from April 5, 2018. The dividend was at Rs 2.50 per equity share in March 2017.

The sale resulted in a gain (after IPO related expenses) of Rs 3,319.77 crore in unconsolidated financial results and Rs 3,208.16 crore in consolidated financial results for FY18.

On BSE, ICICI Bank closed at Rs 289.40 per piece up by Rs 6.50 or 2.30%.


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