ICICI Bank Q1 net profit jumps 36% to Rs 2,599 crore – Times of India: NEW DELHI: ICICI Financial institution on Saturday reported a 36 per cent enhance in its standalone web revenue at Rs 2,599 crore for the primary quarter ended June 2020.
The financial institution had posted a revenue of Rs 1,908 crore in the identical quarter a yr in the past.
ICICI Bank Q1 net profit jumps 36% to Rs 2,599 crore – Times of India
Complete revenue in the course of the quarter rose to Rs 26,066 crore from Rs 21,405.50 crore a yr earlier, the financial institution stated in a regulatory submitting.
On a consolidated foundation, its web revenue for the April-June interval improved by 24 per cent at Rs 3,117.68 crore as towards Rs 2,513.69 crore within the corresponding quarter of the earlier fiscal.
The financial institution’s revenue on a consolidated foundation rose to Rs 37,939.32 crore within the stated quarter from Rs 33,868.89 crore in April-June 2019.
Throughout the quarter, the financial institution offered fairness shares representing 3.96 per cent in ICICI Lombard Common Insurance coverage Firm Restricted and 1.50 per cent in ICICI Prudential Life Insurance coverage Firm Restricted for a complete consideration of Rs 3,092.93 crore.
“The sale resulted in web acquire (after sale associated bills) of Rs 3,036.29 crore in standalone monetary outcomes and Rs 2,715.87 crore in consolidated monetary outcomes for 01-2021,” it stated.
The lender witnessed an enchancment in asset high quality as gross non-performing property (NPAs) fell to five.46 per cent of the gross advances by the tip of June 2020, from 6.49 per cent a yr in the past.
Internet NPAs had been 1.23 per cent, down from 1.77 per cent a yr in the past.
Nevertheless, the provisioning for dangerous loans and contingencies doubled to Rs 7,593.95 crore for April-June, as towards Rs 3,495.73 crore a yr earlier.
“Throughout Q1 FY21, the financial institution has made an extra COVID-19 associated provision amounting to Rs 5,550 crore. At June 30, 2020, the financial institution held COVID-19 associated provision of Rs 8,275 crore. This extra provision made by the financial institution is greater than requirement as per the RBI guideline dated April 17, 2020,” it stated.
The year-on-year progress in home advances was 10 per cent as on June 30, 2020, it stated.
Complete advances elevated by 7 per cent to Rs 6,31,215 crore from Rs 5,92,415 crore as on June 30, 2019.