Money & Banking

ICICI Bank Q2 net profit down 28% to ₹ 655 cr on tax impact

Our Bureau Mumbai | Updated on October 26, 2019

Net NPAs decreased by 51 per cent from ₹ 22,086 crore at September 30, 2018 to ₹ 10,916 crore at September 30, 2019.

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.

 

Published on October 26, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like