ICICI Bank Q2 profit jumps over six-folds to Rs 4,251cr

NEW DELHI: Private lender ICICI Bank on Saturday posted a six-fold jump in its standalone net profit for the second quarter (Q2) ended September 2020.
The bank reported a net profit of Rs 4,251 crore in the period under consideration as against a profit of Rs 655 crore posted in the same quarter last year.
In terms of quarter-on-quarter growth, ICICI Bank posted a 64 per cent rise in net profit as compared to Rs 2,599 crore posted in June quarter.
Total income (standalone) in July-September 2020 stood at Rs 23,650.77 crore, up from Rs 22,759.52 crore in the same period a year earlier, ICICI Bank said in a regulatory filing.
On asset front, there was an improvement with gross non-performing assets (NPAs) falling to 5.17 per cent of gross advances as of September 30, 2020, against 5.37 per cent a year ago. While, gross NPAs or bad loans — in value terms — stood at Rs 38,989.19 crore as against Rs 45,638.79 crore.
Net NPAs fell to 1 per cent (Rs 7,187.51 crore) from 1.60 per cent (Rs 10,916.40 crore).
In consolidated terms, the bank’s net profit was up over four-times at Rs 4,882 crore in Q2 FY21 against Rs 1,131 crore in Q2 FY20.
“The consolidated profit after tax in Q2 2020 had a one-time additional charge due to re-measurement of accumulated deferred tax assets at the revised marginal tax rate. The consolidated return on equity was 14.2 per cent in Q2 2021,” the bank said.
Additionally, the Bank held Covid-19 related provisions of Rs 8,772 crore ($ 1.2 billion) during the quarter.
(With agency inputs)

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