May 7, 2018 / 12:39 PM / 5 months ago

BRIEF-India's ICICI Bank March-Qtr Net Profit Nearly Halves

May 7 (Reuters) - ICICI Bank Ltd:

* MARCH QUARTER NET PROFIT 10.20 BILLION RUPEES VERSUS PROFIT OF 20.25 BILLION RUPEES LAST YEAR

* CONSENSUS FORECAST FOR MARCH QUARTER PROFIT WAS 10.77 BILLION RUPEES

* MARCH QUARTER INTEREST EARNED 142.64 BILLION RUPEES VERSUS 135.69 BILLION RUPEES LAST YEAR

* MARCH QUARTER PROVISIONS AND CONTINGENCIES 66.26 BILLION RUPEES VERSUS 28.98 BILLION RUPEES LAST YEAR

* SAYS CO RECOMMENDED DIVIDEND OF 1.50 RUPEES PER SHARE

* MARCH QUARTER GROSS NPA 8.84 PERCENT VERSUS 7.82 PERCENT PREVIOUS QUARTER

* MARCH QUARTER NET NPA 4.77 PERCENT VERSUS 4.20 PERCENT PREVIOUS QUARTER

* SAYS DOMESTIC NET INTEREST MARGIN WAS 3.67 PERCENT AND THE OVERALL NET INTEREST MARGIN WAS 3.24 PERCENT IN Q4-2018

* SAYS RECOVERIES AND UPGRADES FROM NON-PERFORMING LOANS WERE 42.34 BILLION RUPEES IN Q4-2018

* BOARD APPROVED SEEKING CONSENT TO INVITE SUBSCRIPTION FOR NCDS OR BONDS ON PRIVATE PLACEMENT BASIS FOR UP TO 250 BILLION RUPEES

* SAYS CO’S DRILLDOWN LIST DECREASED FROM 440.65 BILLION RUPEES AT MARCH 31, 2016 TO 47.28 BILLION RUPEES AT MARCH 31, 2018

* DURING Q4, MADE PROVISION FOR CERTAIN FRAUD AND NON-PERFORMING CASES BY DEBITING RESERVES AND SURPLUS AMOUNTING TO 199.8 MILLION RUPEES

* CLASSIFIED 3 BORROWER ACCOUNTS IN GEMS & JEWELLERY SECTOR WITH FUND-BASED OUTSTANDING OF 7.95 BILLION RUPEES AS FRAUD AND NON PERFORMING

* DURING Q4 MADE PROVISION OF 2.89 BILLION RUPEES VIA PROFIT & LOSS ACCOUNT, 5.05 BILLION RUPEES BY DEBITING RESERVES & SURPLUS, AS PERMITTED BY RBI

* PROVISION MADE BY DEBITING RESERVES, SURPLUS WILL BE REVERSED, ACCOUNTED VIA P&L ACCOUNT OVER SUBSEQUENT QTRS OF FY 2019 Source text: bit.ly/2rqvzHU Further company coverage:

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