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Private sector lender ICICI Bank reported a near 28 per cent drop in its net profit on the back of a higher one off tax expense in the second quarter of this fiscal.
Its net profit was ₹ 654.96 crore in the quarter ended September 30, 2019 as against ₹ 908.88 crore in the same period a year ago.
Tax expense was ₹ 3,712 crore in Q2-2020 compared to ₹ 347 crore in Q2-2019, it said in a release on Saturday. The tax expense in Q2-2020 includes the one-time additional charge of Rs 2,920 crore due to re-measurement of accumulated deferred tax assets consequent to a reduction in marginal tax from 35 per cent to 25 per cent.
Net interest income (NII) increased by 26 per cent to ₹ 8,057 crore in the second quarter from ₹ 6,418 crore a year ago. The net interest margin was 3.64 per cent in second quarter this fiscal compared to 3.33 per cent a year ago. Non-interest income, excluding treasury income, was ₹ 3,854 crore ($ 544 million) in the second quarter.
Net NPAs decreased by 51 per cent from ₹ 22,086 crore at September 30, 2018 to ₹ 10,916 crore at September 30, 2019.
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