22:17
ICICI Bank, India’s largest private sector lender, reported a 25 per cent fall in its net profit at Rs 2,232 crore in the June quarter, compared with Rs 2,976 crore in the same period a year ago.
The profit was almost in line with Bloomberg estimates of Rs 2,207 crore. Net interest income, the difference between interest earned and interest expended, remained flat at Rs 5,159 crore, compared with Rs 5,115 crore. Other income, mainly led by retail fees and treasury income, increased 15 per cent to Rs 3,429 crore.
Asset quality pressure continues to persist and gross non-performing assets (NPA) as a percentage of total advances jumped to 5.87 per cent in the quarter under review from 3.68 per cent a year ago. In absolute terms, gross NPAs rose to Rs 27,194 crore, compared with Rs 15,138 crore in the first quarter of the previous financial year.
In the quarter-ended June, net NPAs increased to 3.35 per cent from 1.58 per cent. Total provisions also increased as bad loans piled up to Rs 2,515 crore in the quarter-ended June, compared with Rs 956 crore in the year-ago period.
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