ICICI Bank Q2 net profit down by 28 pc

ICICI Bank Q2 net profit down by 28 pc

Agency News

Mumbai, Oct 26 : Private sector lender, ICICI Bank reported 28 pc drop in net profit at Rs 654.96 crore for the quarter ended September 2019 as compared with Rs 908.88 crore in the same period a year ago.

''Excluding the impact of one-time additional charge due to re-measurement of accumulated deferred tax, profit after tax would have been Rs 3,575 crore in Q2FY20 compared with Rs 909 crore in Q2FY19,'' bank release said.

However, Total income for the quarter under review rose by 24.63 pc to Rs 22759.52 as compared with Rs 18262.12 for the quarter ended September 30, 2019. The bank's asset quality improved during the quarter with Gross NPAs at 6.37 pc versus 6.49 pc in June quarter while Net NPAs were 1.6 pc versus 1.77 pc in Q1FY20.

The net interest income rose 25.53 pc to Rs 8,057 crore as against Rs 6,418 crore in the year-ago period. Provisions and contingencies declined 37.23 per cent YoY to Rs 2,506.87 crore in Q2FY20. Total expenditure of ICICI Bank, however, increased 22 per cent YoY to Rs 15,885.42 crore during the quarter under review.

Total capital adequacy ratio stood at 16.14 per cent as of September 2019. (UNI)