ICICI Bank’s profits fall 6% to Rs 1131 crore, asset quality improves

The integrated net profit of private sector major ICICI Bank fell 6.09 per cent to Rs 1,131.20 crore in the second quarter ended September of the current fiscal. The bank disclosed this on Saturday. In the July-September quarter a year ago, the bank had an integrated net profit of Rs 1,204.62 crore.

In a regulatory filing sent to the stock markets, ICICI Bank said its total integrated income rose by 17.26 per cent to Rs 37,424.78 crore during the same period. This was Rs 31,914.82 crore in the same quarter a year ago.
ICICI Bank’s Net Profit Drops 27.93%

On a single basis, ICICI Bank’s net profit fell 27.93 per cent to Rs 654.96 crore in the September quarter. Its single net profit in the same quarter was Rs 908.88 crore a year ago.

The bank’s total single income grew 24.62 per cent in the period. It reached Rs 22,759.52 crore in the second quarter ended September this year from Rs 18,262.12 crore a year ago.
Bank’s NPA reduced

The asset quality of the bank has also shown improvement. The bank’s Gross Non-Performing Assets (NPA) fell to 6.37 per cent of the gross advance. Gross NPAs stood at 8.54 percent in the September quarter a year ago.

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On Friday, the bank’s shares closed with an edge

Net NPAs also declined from 3.65 per cent a year ago to 1.60 per cent. The bank’s provision for stranded loans and contingency expenditure fell to Rs 2,506 crore in July-September 2019. In the same quarter a year ago, it had made a provision of Rs 3,994 crore. On Friday, ICICI Bank shares gained 3.1 per cent to close at Rs 469.10.

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