UPDATE 2-India's ICICI Bank misses forecasts with quarterly profit fall [Reuters (UK)]
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Source: Reuters
UPDATE 2-India's ICICI Bank misses forecasts with quarterly profit fall - Reuters 2 Min Read (Adds detail, analyst quote) By Chris Thomas and Chandini M BENGALURU, May 6 (Reuters) - ICICI Bank reported a 5 percent drop in fourth-quarter profit on Monday, missing estimates after being hit by a rise in expenses and a higher accumulation of bad loans. State-run banks account for most of the sector’s bad loans, but private sector lenders such as ICICI also own a substantial chunk of such assets. ICICI has one of the highest bad loan ratios among its peers. The Mumbai-based company's bad loan accumulation in the three months to March 31 was up 70 percent from the previous quarter at 35.47 billion rupees ($511 million). bit.ly/2J19vOn Elara Capital analyst Rakesh Kumar said he had been expecting the so-called slippage figure to come in at 23 billion rupees. “That is one of the key reasons for deviation from (profit) estimates,” he said. Net profit dropped to 9.69 billion rupees in the peri
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