Money & Banking

ICICI Bank posts Rs 1,908 cr profit in Q1 on growth in interest income

Our Bureau Mumbai | Updated on July 27, 2019

The bank’s net interest income increased by 27 per cent to Rs 7,737 crore

ICICI Bank’s net profit shot up to Rs 1,908.03 crore for the first quarter of the fiscal, led by a strong growth in its interest income.

The bank had posted a net loss of Rs 119.55 crore for the first quarter of 2018-19.

For the quarter-ended June 30, 2019, ICICI Bank’s standalone total income grew 15.24 per cent at Rs 21,405.50 crore as compared to Rs 18,574.17 crore a year ago. The net interest income (NII) increased by 27 per cent to Rs 7,737 crore, in the first quarter of the fiscal, from Rs 6,102 crore a year ago.

“NII in the first quarter of 2019-20 includes Rs 184 crore of interest on income tax refund compared to Rs 8 crore in the first quarter last fiscal and Rs 414 crore in the fourth quarter of 2018-19,” ICICI Bank said in a statement on Saturday.

The net interest margin (NIM) was 3.61 per cent in the first quarter of the fiscal compared to 3.19 per cent a year ago and 3.72 in the fourth quarter last fiscal.

Other income fell by 15.74 per cent to Rs 3,245.44 crore in the April to June 2019 quarter as against Rs 3,851.81 crore in the same period a year ago. Treasury income was Rs 179 crore in the quarter under review compared to Rs 766 crore a year ago. “Treasury income in the first quarter of 2018-19 included gain of ₹ 1,110 crore on sale of shareholding in ICICI Prudential Life Insurance,” ICICI Bank said.

NPA down

In an indication of improving asset quality, the bank’s provisions fell 41.4 per cent to Rs 3,495.73 crore in the first quarter of the fiscal, as compared to Rs 5,971.29 crore a year ago.

Gross non-performing assets fell to Rs 45,763.08 crore as on June 30, 2019, or 7.21 per cent of gross assets, as against 9.65 per cent on June 30, 2018.

Net NPA decreased by 51 per cent from Rs 24,170 crore at June 30, 2018 to Rs 11,857 crore on June 30, 2019. As a per cent of net advances, net NPAs stood at 1.98 per cent as on June 30, 2019 compared to 4.67 per cent a year ago.

Published on July 27, 2019

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