ICICI Bank reports a net profit of Rs 1,908 crore for June quarter

Jul 28 2019 05:51 PM
ICICI Bank reports a net profit of Rs 1,908 crore for June quarter

Mumbai: Private Bank ICICI Bank said on Saturday that its net profit in the first quarter of FY 2019-20 has been Rs 1,908 crore. The bank said it had a loss of Rs 120 crore in the first quarter of the current financial year as compared to the previous year. However, the bank's net profit from interest has increased to Rs 7,737 crore in the critical quarter as compared to the same period last year. The bank's net profit from interest in the same quarter last year was Rs 6,102 crore.

"The net interest margin in the first quarter of fiscal 2020 stood at 3.61 percent, which was 3.19 percent in the first quarter of 2019 and 3.72 percent in the fourth quarter," the bank said in a statement, while the bank provisioned value of Rs 3,496 crore in the last quarter. In the C quarter, the bank had made a provision worth Rs 5,971 crore.

The bank said the net NPA (non-performing asset) ratio was 4.19 percent on June 30, 2018, down from 1.77 percent on June 30, 2019. This is the lowest in the last 14 quarters. According to the bank, growth in gross NPAs has registered Rs 2,779 crore in the first quarter of FY17, up from Rs 1,170 crore in the fourth quarter of the previous fiscal ended March 31, 2019.

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