ICICI Bank Q1 net profit jumps 36% to Rs 2,599 crore


(File photo)


NEW DELHI: Private lender ICICI Bank on Saturday reported a net profit of Rs 2,599 crore in the June quarter, up 36 per cent (year-on-year) from Rs 1,908 crore posted in the same period last year. The bank’s gross NPA (non-performing asset) stood at 5.46 per cent in Q1, which is slightly lower than 5.53 per cent recorded in previous quarter.
The lender’s Q1 net NPA came at 1.23 per cent against 1.41 per cent in last quarter.
The profit growth for the quarter was aided by one-off stake sales in ICICI Lombard and ICICI Prudential Life.
During the quarter, the private lender made Rs 5,550 crore in additional Covid-19 related provisions. This, the bank said, was made on a prudent basis with the objective of completely cushioning the balance sheet from the impact of coronavirus.
The lender’s non-interest income fell to Rs 2,380 crore in the June quarter from Rs 3,247 crore YoY.
Total advances increased by 7 per cent YoY to Rs 6,31,215 crore from Rs 5,92,415 crore in the comparable period of last year.

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