ICICI Bank quarterly net profit rises by 3.5% to ₹2,605 crore
The country's largest private sector lender ICICI Bank on Thursday reported a marginal rise of 3.5 per cent in consolidated net profit at Rs 2,604.73 crore for the first quarter of the current fiscal.
The bank's net profit in the corresponding April-June quarter of 2016-17 stood at Rs 2,515.85 crore.
Total income on consolidated basis rose to Rs 26,517.57 crore for the quarter under review, as against Rs 24,483.75 crore in the same period of the previous fiscal, the bank said in a regulatory filing.
Net profit on unconsolidated basis for the June quarter of 2017-18 however fell to Rs 2,049 crore, down 8.2 per cent from Rs 2,232.35 crore a year ago.
Income (unconsolidated) was up in the three months to June at Rs 16,847.04 crore, from Rs 16,759.51 crore in the similar period of 2016-17. There was a deterioration in bank's asset quality, with gross non-performing assets (NPAs) or bad loans rising to 7.99 per cent of the gross advances as on June 30, 2017, compared to 5.28 per cent as on June 30, 2016.
Net NPAs rose to 4.86 per cent of the net loans from 3.01 per cent a year earlier.
However, there was not a very significant jump in provisioning and contingencies at Rs 2,608.74 crore for the quarter ended June, as against Rs 2,514.52 crore earlier.
Total advances of the bank increased 3 per cent to Rs 4,64,075 crore as on June 30 this year from Rs 4,49,427 crore a year ago.