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

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

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new Delhi: ICICI Bank Its standalone net profit for the first quarter ended June 2020 increased by 36 percent to Rs 2,599 crore.
The bank made a profit of Rs 1,908 crore in the same quarter a year ago.
The bank said that total income increased to Rs 26,066 crore from Rs 21,405.50 crore during the quarter one year ago.
On a consolidated basis, its net profit in the April-June period increased by 24 percent to Rs 3,117.68 crore as compared to Rs 2,513.69 crore in the same quarter of the previous fiscal.
On a consolidated basis, the bank’s income increased from Rs 33,868.89 crore in April-June 2019 to Rs 37,939.32 crore in the quarter.
During the quarter, the bank sold 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 of Rs 3,092.93 crore.
“The sales resulted in a net profit of Rs 3,036.29 crore (after sales related expenses) in standalone financial results and Rs 2,715.87 crore in consolidated financial results for 01-2021,” he said. ”
The lender saw an improvement in asset quality in the form of non-performing assets (NPAs), which was 5.46 percent of gross advances as of the end of June 2020, a year earlier.
Net NPA was 1.23 percent, compared to 1.77 percent a year ago.
However, provision for bad loans and contingencies doubled to Rs 7,593.95 crore for April-June as compared to Rs 3,495.73 crore a year ago.
“During Q1 FY21, the bank has made an additional COVID-19 related provision of Rs. 5,550 crore. On June 30, 2020, the bank placed a related provision of Rs. 8,275 crore. The additional provision made by the bank is higher. RBI As per the guideline of, it was required by April 17, 2020.
He said that the year-on-year growth in domestic growth was 10 percent as on June 30, 2020.
Total advances increased by 7 percent to Rs 6,31,215 crore from Rs 5,92,415 crore as of June 30, 2019.

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