ICICI Bank’s Q2 net dips 13% to Rs 2,979 cr on higher bad loan provisions

Country’s largest private sector lender ICICI Bank on Monday reported 12.8 per cent dip in consolidated net profit to Rs 2,979 crore for the September quarter as its provisioning for bad loans shot up by 7-fold. The bank’s net profit in July-September quarter of the last fiscal was Rs 3,419 crore. 

Its total income during the second quarter of the current fiscal increased to Rs 32,435 crore, as against Rs 25,138 crore in the year-go period, said in a statement. However, on standalone basis, the bank reported a marginal 2.3 per cent rise in net profit at Rs 3,102 crore for the second quarter as compared to Rs 3,030 crore in the same period of the previous fiscal.