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ICICI Bank Q1 net plunges 22% to 2,516 crore
The bank had posted consolidated net profit of Rs 3,232 crore in the same quarter of the last fiscal. On standalone basis, its net profit was down 25 per cent to Rs 2,232 crore as against Rs 2,976 crore in the first quarter (April-June) of the 2015-16 fiscal.
New Delhi : Private sector lender ICICI Bank on Friday reported 22.1 per cent decline in consolidated net profit at Rs 2,516 crore for the quarter ended June 30 as bad loans mounted.
The bank had posted consolidated net profit of Rs 3,232 crore in the same quarter of the last fiscal. On standalone basis, its net profit was down 25 per cent to Rs 2,232 crore as against Rs 2,976 crore in the first quarter (April-June) of the 2015-16 fiscal.
The gross non-performing assets (NPAs) of the bank as a percentage of total advances jumped to 5.87 per cent during the quarter under review from 3.68 per cent a year ago, ICICI Bank said in a statement.
Net NPAs of the bank also rose to 3.35 per cent against 1.58 per cent in the same period a year ago. In absolute terms, the GNPA rose to Rs 27,194 crore as against Rs 15,138 crore in the first quarter of the previous fiscal.Total provisions rose nearly three-fold to Rs 2,515 crore in the first quarter compared with Rs 956 crore in the same period a year ago.
