ICICI Bank returns to profit, but Q2 net down 42% y-o-y at Rs1,205 cr

26 Oct 2018


ICICI Bank, India’s second-largest lender, has returned to profitability in the July-September quarter with a net profit of Rs1,204.62 crore helped by lower provisioning for bad loans and higher interest income, although profit was 42 per cent lower year-on-year.

The country's largest private sector lender had posted a consolidated net profit of Rs2,071.38 crore in the corresponding quarter a year ago, the bank said in a regulatory filing.
However, total income of the bank on a consolidated basis rose to Rs31,914.82 crore against Rs30,190.54 crore a year ago.
On a standalone basis, net profit fell by 56 per cent to Rs908.88 crore in during the quarter against Rs2,058.19 crore in July-September 2017.
The bank had reported a net loss of Rs119.55 crore in the first quarter of the ongoing fiscal.
Total income of the ICICI Bank on a standalone basis stood at Rs 18,262.12 crore during the September quarter, down from Rs 18,763.29 crore in the year-ago period.
Net interest income, or the core income of the bank, rose 12.4 percent to Rs6,418 crore in the three months to September.
ICICI Bank’s asset quality also improved during the quarter. Gross non-performing loans as a ratio to the total advances fell 35 basis points to 9.3 per cent. Net NPA ratio also fell to 4.05 per cent from the previous quarter’s 4.67 per cent. Provisions stood at Rs3,994 crore, nearly 33 per cent lower than the April-June period.
Net interest margin stood at 3.33 per cent compared with 3.24 per cent last quarter.
Loan book grew 13 per cent, an 11-quarter high, over the last year.
Retail loans grew 20 per cent year-on-year and formed about 57 per cent of its total loan portfolio.
Provision coverage ratio rose 330 basis points to 69.4 per cent.
ICICI Bank remained profitable in a turbulent quarter as its former chief executive officer Chanda Kochhar was on leave pending a probe into allegations of impropriety into loans granted to the Videocon Group. Kochhar finally decided to quit earlier this month, with Chief Financial Officer Sandeep Bakshi taking over as her successor.

Business History Videos

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

Vijay Mallya’s Kingfisher Ai...

It is about Kingfisher Airlines, a company that once soared...

By Aniket Gupta | Presenter: Sheetal Gaekwad

view more