After being bogged down by asset quality worries for more than two years, private sector lenders got a breather in January-March quarter having reported no large increase in bad loans. Barring the biggest player, ICICI Bank, most lenders reported steady gross non-performing assets for the quarter.
HDFC Bank, Axis Bank, IndusInd Bank, YES Bank and Federal Bank reported steady gross NPAs. ICICI Bank saw a rise in gross NPAs to R15,097 crore (3.78% of loans) from R10,554 crore (3.4%) in the previous quarter. Bulk of its bad loans came from restructured portfolio during the quarter. Consequently, provisions rose a massive 88% to Rs 1345 crore.