ICICI Bank posts net profit of Rs 1,900 cr in Q1FY20
ICICI Bank’s net interest income (NII) for the June quarter of financial year 2019-20 went up 27 percent y-o-y to Rs 7,737 crore
July 27, 2019
ICICI Bank posted a net profit of Rs 1,908 crore for the first quarter of the current financial year as opposed to the net loss of Rs 120 crore it reported in the corresponding quarter of the last financial year. The bank’s net interest income (NII) for the June quarter went up 27 percent y-o-y to Rs 7,737 crore.
The NII figure includes Rs 184 crore of interest on income tax refund compared with Rs 8 crore in the year-ago quarter.
Non-interest income rose to Rs 3,200 cr
ICICI Bank said that its non-interest income, excluding treasury income, settled at Rs 3,247 crores, up from Rs 3,085 crores it recorded in the same quarter of financial year 2018-19. Provisioning for bad loans for the quarter was at Rs 3,496 crore against Rs 5,971 crore in the year-ago quarter.
While gross NPA was at Rs 2,779 crore compared with Rs 4,036 crore in the year-ago quarter and Rs 3,547 crore in March quarter, recoveries and upgrades of non-performing loans stood at Rs 931 crore.
In percentage terms, gross NPAs for the quarter eased to 6.49 percent from 6.70 percent in the March quarter and 8.81 percent in the year-ago quarter. Net NPA also came down to 1.77 percent from 2.06 percent in the March quarter and 4.19 percent in the same quarter last year.
Core operating profit goes up
The core operating profit, excluding dividend income from subsidiaries, increased 25 percent to Rs 5,919 crore from Rs 4,725 crore year-on-year. Fee income went up 10 percent year-on-year to Rs 3,039 crore. Retail fees accounted for 72 percent of total fees, the bank said in a BSE filing.