ICICI Bank Q1 net profit up 12% at Rs2,976 crore

ICICI Bank, India's biggest private sector lender by assets, reported a net profit of Rs2,976.16 crore for the first quarter of the current fiscal, a 12 per cent year-on-year increase from Rs2,655.30 crore reported in the quarter ended 30 June 2014.

ICICI Bank said its consolidated after-tax profit increased by 14 per cent to Rs3,232 crore in the first quarter of fiscal 2016 from Rs2,832 crore in the same quarter of fiscal 2015.

Net interest income of the bank increased 14 per cent to Rs5,115 crore in Q1-201 6 from Rs4, 492 crore in Q1-2015.

Provision for bad loans stood at Rs956 crore in Q1-2016 against Rs1,344 crore in Q4 -2015 and Rs726 crore in Q1-2015.

Total deposits of the bank increased by 10 per cent year-on-year to Rs367,877 crore.

As of 30 June 2015, ICICI Bank had a network of 4,052 branches and 12,811 ATMs.

Net non-performing assets of the bank stood at Rs6,402 crore compared to Rs 6,325 crore as of 31 March 2015. The net non-performing asset ratio was 1.40 per cent as of 30 June 2015, unchanged from the 31 March 2015 level.

The shares of the company rose almost 5.5 per cent to trade at Rs307 at 12:30 pm.