ICICI Bank quarterly profit falls 28%

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NEW DELHI (Reuters) – India’s second-largest private-lender, ICICI Bank (ICBK.NS), reported a 28% fall in net profit in the quarter ended Sept. 30 due to a one-time charge related to deferred taxes.

Net profit fell to 6.5 billion Indian rupees ($91.79 million) in the second quarter compared with 9.09 billion rupees the same time last year.

Asset quality improved with gross non-performing assets (NPAs) at 6.37% compared to 8.54% in the corresponding quarter a year ago.

Net NPA also improved to 1.60%.

Net interest margin, a key indicator of bank profitability, stood at 3.64%.

The bank remains well-capitalised with a capital adequacy ratio of 16.14% at the end of September.

($1 = 70.9470 Indian rupees)

Reporting by Devjyot Ghoshal; Editing by Stephen Coates

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