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ICICI Bank Q1 results: Net profit rises 36% to Rs 2,599 crore

The bank’s income on a consolidated basis rose to Rs 37,939.32 crore in the said quarter from Rs 33,868.89 crore in April-June 2019.

SNS | New Delhi |

ICICI Bank on Saturday reported a net profit of Rs 2,599 crore for the quarter ended on June 30, marking a 36 per cent increase in its standalone net profit. The private lender had posted a profit of Rs 1,908 crore in the same quarter a year ago.

In a regulatory filing, the country’s third largest private bank by market capitalisation said its total income during the quarter rose 21.78 per cent to Rs 26,066 crore from Rs 21,405.50 crore a year earlier.

The bank’s interest 8ncome stood at Rs 19,924.35 crore during the quarter under review, up by 10.81 per cent on YoY basis.

It’s net interest income also jumped by 19.93 per cent to Rs 9,279.75 crore.

On a consolidated basis, its net profit for the April-June period improved by 24 per cent at Rs 3,117.68 crore as against Rs 2,513.69 crore in the corresponding quarter of the previous fiscal.

The bank’s income on a consolidated basis rose to Rs 37,939.32 crore in the said quarter from Rs 33,868.89 crore in April-June 2019.

The quarter under review also witnessed selling of equity shares representing 3.96 per cent in ICICI Lombard General Insurance Company Limited and 1.50 per cent in ICICI Prudential Life Insurance Company Limited for a total consideration of Rs 3,092.93 crore.

“The sale resulted in net gain (after sale related expenses) of Rs 3,036.29 crore in standalone financial results and Rs 2,715.87 crore in consolidated financial results for 01-2021,” it said.

Speaking of the non-performing assets (NPAs), ICICI Bank witnessed an improvement in asset quality as it were 1.23 per cent, down from 1.77 per cent a year ago.

The gross non-performing assets (NPAs) fell to 5.46 per cent of the gross advances by the end of June 2020, from 6.49 per cent a year ago.

However, the provisioning for bad loans and contingencies doubled to Rs 7,593.95 crore for April-June, as against Rs 3,495.73 crore a year earlier.

“During Q1 FY21, the bank has made an additional COVID-19 related provision amounting to Rs 5,550 crore. At June 30, 2020, the bank held COVID-19 related provision of Rs 8,275 crore. This additional provision made by the bank is more than requirement as per the RBI guideline dated April 17, 2020,” it said.

The year-on-year growth in domestic advances was 10 per cent as on June 30, 2020, it said.

Total advances increased by 7 per cent to Rs 6,31,215 crore from Rs 5,92,415 crore as on June 30, 2019.