ICICI Bank Q1 net profit rises 36% to Rs 2,599 crore

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ICICI Bank on Saturday reported a 36 percent increase in its standalone net profit at Rs 2,599 crore for the first quarter ended June 2020.

The bank had posted a profit of Rs 1,908 crore in the same quarter a year ago.

Total income during the quarter rose to Rs 26,066 crore from Rs 21,405.50 crore a year earlier, the bank said in a regulatory filing.

On a consolidated basis, its net profit for the April-June period improved by 24 percent at Rs 3,117.68 crore as against Rs 2,513.69 crore in the corresponding quarter of the previous fiscal.

The bank’s income on a consolidated basis rose to Rs 37,939.32 crore in the said quarter from Rs 33,868.89 crore in April-June 2019.

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During the quarter, the bank sold equity shares representing 3.96 percent in ICICI Lombard General Insurance Company Limited and 1.50 percent in ICICI Prudential Life Insurance Company Limited for a total consideration of Rs 3,092.93 crore.

“The sale resulted in net gain (after sale-related expenses) of Rs 3,036.29 crore in standalone financial results and Rs 2,715.87 crore in consolidated financial results for 01-2021,” it said.

The lender witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 5.46 percent of the gross advances by the end of June 2020, from 6.49 percent a year ago.

Net NPAs were 1.23 percent, down from 1.77 percent a year ago.

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However, the provisioning for bad loans and contingencies doubled to Rs 7,593.95 crore for April-June, as against Rs 3,495.73 crore a year earlier.

“During Q1 FY21, the bank has made an additional COVID-19 related provision amounting to Rs 5,550 crore. At June 30, 2020, the bank held COVID-19 related provision of Rs 8,275 crore. This additional provision made by the bank is more than requirement as per the RBI guideline dated April 17, 2020,” it said.

The year-on-year growth in domestic advances was 10 percent as on June 30, 2020, it said.

Total advances increased by 7 per cent to Rs 6,31,215 crore from Rs 5,92,415 crore as on June 30, 2019.

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