India's ICICI Bank seeing "positive" trend on bad loans

India's ICICI Bank seeing

He said that gross non-performing asset (NPA) in the first quarter marginally increased at 0.82 per cent from the 0.22 per cent year-on-year while net NPA stood at 0.49 per cent from 0.14 per cent year-on-year.

Total recovery was at a record high of Rs 2,775 cr, most of it coming from Jaiprakash Associates.

ICICI Bank shares on Friday ended almost 4 percent lower, wiping out Rs 7,068 crore from its market valuation, after the company's first quarter earnings failed to enthuse investors. Its total advances grew 3 per cent y-o-y to Rs 4.64 lakh crore. RBI has allowed banks to spread this additional provision over three quarters starting Q2 FY18.

Kochhar said as per the RBI directions, the bank has chose to set aside additional amount against exposure in the telecom, iron and steel, rigs and power sectors, between 0.40 per cent and 1 per cent as per the rating of the client.

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Led by the decline in the stock, the company's market valuation slumped by Rs 7,068 crore to Rs 1,89,837 crore. The bank, in a conference call with the media, said that the watchlist at the end of the June quarter showed a small jump to Rs 20,300 crore compared to Rs 19,039 crore in March 2017. Growth in net interest income was driven mainly by significant improvement in net interest margin, which increased by 24 bps to 3.76%.

Overseas advances were down by 25 per cent as loans given against the diaspora deposits went off and also due to concerted strategy of selecting better rated corporates, she said, hinting that there will be further downward movement. Net NPAs rose to 4.86% of the net loans from 3.01% a year earlier.

However, there was not a very significant jump in provisioning and contingencies, which rose 3.75% to Rs 2,608.74 crore in the quarter from Rs 2,514.52 crore a year ago. ICICI Bank's shares closed 1.2 percent down at Rs 307.05 at the BSE on Thursday, ahead of the earnings.

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