ICICI Bank's Q1 net profit at Rs 1,908 cr
- By NewsOnFloor Staff
- Jul 27, 2019
- 82 views
Mumbai, July 27 (IANS) Private sector lending major ICICI Bank on Saturday reported a standalone net profit of Rs 1,908 crore for the first quarter of 2019-20.
The bank had reported a net loss of Rs 120 crore for the corresponding period of the previous fiscal.
However, the bank's net interest income (NII) during the quarter rose to Rs 7,737 crore, from Rs 6,102 crore earned during the corresponding quarter of the previous year.
"The net interest margin was 3.61 per cent in Q1-2020 compared to 3.19 per cent in Q1-2019 and 3.72 per cent in Q4-2019," the bank said in a statement.
"The impact of interest on income tax refund and interest collection from NPLs on net interest margin was about 17 basis points in Q1-2020 compared to about 25 basis points in Q4-2019."
The bank made provisions worth Rs 3,496 crore during the quarter under review, as compared to the Rs 5,971 crore provisioning in the same quarter of 2018-19.
"Net non-performing assets (NPA) decreased by 51 per cent from Rs 24,170 crore at June 30, 2018 to Rs 11,857 crore at June 30, 2019," the statement said.
"Net NPA ratio decreased from 4.19 per cent at June 30, 2018 to 1.77 per cent at June 30, 2019 - the lowest in the last 14 quarters."
Accordingly, gross NPA additions in Q1-2020 were Rs 2,779 crore compared to Rs 3,547 crore in the quarter ended March 31, 2019 (Q4-2019).
"Consolidated profit after tax was Rs 2,514 crore in Q1-2020 compared to Rs 1,170 crore in Q4-2019 and Rs 5 crore in Q1-2019," the statement said.
"Consolidated assets grew by 14 per cent year-on-year to Rs 1,250,472 crore at June 30, 2019 from Rs 1,098,790 crore at June 30, 2018."
Source : ians