Recoveries and upgrades from NPAs during the quarter under review improved substantially to Rs 4,234 crore, up 282 percent compared to Rs 1,108 crore in the previous quarter and 200 percent jump from Rs 1,413 crore in same quarter a year ago.
"The board did not discuss the issue", she said, termed the board meeting slated for tomorrow as a "routine one" to discuss the growth strategy for the new fiscal year.
ICICI Bank, the country's largest private sector bank, has reported a 50 per cent fall in its net profit and a 27 per cent surge in non-performing assets (NPAs) or bad loans during the fourth quarter ended March 2018 even as the bank's MD and CEO Chanda Kochhar, who is facing allegations of conflict of interest while sanctioning loans to the Videocon group, said that the bank's board had made its stand clear on the issue of conflict and the CEO's role and refusing to comment further on the issue in her first media interaction after the controversy erupted in March this year.
She added that by March 2020, the target is that retail loans as a proportion of total loans will be over 60 per cent.
However, ICICI Bank's slippages rose almost four times to Rs 15,737 crore as compared to Rs 4,380 crore in the third quarter of FY18.
Non-interest income jumped 88 percent to Rs 5,678.6 crore (up from Rs 3,017 crore a year ago), supported by a one-time gains of Rs 3,320 crore from the sale of bank's shareholding in ICICI Securities.
ICICI's long-serving Chief Executive Chanda Kochhar has also been battling allegations of nepotism in a loan the bank gave to the Videocon conglomerate. It was at Rs 11,289 crore in the same period previous year.
ICICI Bank surprisingly recorded provisions of Rs 6,625.75 crore in Q4FY18, surging by a whopping 128.61% as against Rs 2,898.22 crore a year ago same period.
Krunal blitz gets Mumbai Indians over the line
Punjab's chase, however, started on a bad note as they lost risky Chris Gayle (8) and Mayank Agarwal (2) in successive overs. In every season since the beginning in 2008, they went too close to the title but finally ruled out from the competition.
Ms. Kocchar was asked by several reporters to clarify on the allegations levelled against her in connection with the Rs 3,250-crore loan given by the bank to the Videocon Group in 2012 but each time, she replied with the same answer.
"During Q4-2018, the gross additions to NPA were Rs 15,737 crore in Q4-2018".
The Board has recommended a dividend of ' 1.50 per share (equivalent to dividend of US$ 0.046 per ADS).
Kochhar today confirmed that government nominee Lok Ranjan, a joint secretary in the department of financial services, was not able to attend the board meeting. Gross NPAs include loans worth Rs 9968 crore which were given under the RBI schemes and were classified as standard on December 31, 2017, the bank said in a statement.
The bank is targeting to bring down net NPA to 1.5 per cent and take the provision coverage ratio to 70 per cent by March 2020.
Total domestic loan growth at 15 percent year-on-year at March 31, 2018, driven by the retail book which grew by 21 percent.
ICICI Bank has been in the spotlight in the last couple of months, after a whistle blower investor alleged conflict of interest in the lender giving loans to the Videocon Group.
On BSE, ICICI Bank closed at Rs 289.40 per piece up by Rs 6.50 or 2.30%.