India’s largest private sector lender ICICI Bank reported a net loss of Rs 119.5 crore in the first quarter of FY19 compared to a profit of Rs 2,049 crore in the same quarter last year.This is the first loss reported by the bank since listing.Ahead of the results, ICICI Bank closed 2.6 percent higher at Rs 293.30.
India’s largest private sector bank reported a net loss of Rs 119.55 crore compared to CNBC-TV18 poll which was expecting a profit of Rs 1404.70 crore.The private sector lender reported a net profit of Rs 1,020 crore in the previous quarter and Rs 2,049 crore in the year-ago period.
The sale resulted in a gain of around Rs 1,109.59 crore in unconsolidated financial results and around Rs 1,005.93 crore in consolidated financial results for Q1FY2019.
During 02-2018, the Bank sold equity shares representing 7 percent shareholding in ICICI Lombard General Insurance Company Limited in an initial public offer (IPO) for a total consideration of Rs 2,099.43 crore.
The sale resulted in a gain Rs 2,012.15 crore in unconsolidated financial results and Rs 1,711.32 crore in consolidated financial results for FY2018. Further, during Q4FY2018, the Bank sold equity shares representing 20.78 percent shareholding in ICICI Securities limited in an IPO for a total consideration of less than Rs 3,480.12 crore.
While the gross additions to NPA stood at Rs 4,036 crore was the lowest in the last 11 quarters, additional provisions on existing NPAs as per Reserve Bank of India (RBI) guidelines resulted in total provisions of Rs 5,971 crore. However, consolidated profit after tax was Rs 5 crore.
The provision coverage ratio on the non-performing loans, including cumulative technical/prudential write-offs, increased 560 bps sequentially to 66.1 percent at June 30, 2018, further strengthening the balance sheet.
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