ICICI Bank Reports Profit Of Rs 655 Crore For July-September Period


ICICI Bank said its total deposits were up 25 per cent year-on-year as of September 30.

New Delhi: 

ICICI Bank on Saturday reported a net profit of Rs 654.96 crore in the quarter ended September 30. That marked a fall of 27.94 per cent compared to the corresponding period a year ago. ICICI Bank’s total income, however, rose 24.63 per cent to Rs 22,759.52 crore in the second quarter of current financial year, according to a regulatory filing by the country’s second largest private sector lender.

ICICI Bank said the decline in net profit was on account of a one-time charge related to deferred taxes. The profit after tax without the impact of “one-time additional charge due to re-measurement of accumulated deferred tax” would have been Rs 3,575 crore in the quarter ended September 30. 

ICICI Bank said its tax expense was at Rs 3,712 crore in the second quarter of 2019-20, as against Rs 347 crore in the year-ago period. The tax expense included the one-time additional charge of Rs 2,920 crore. 

The bank’s asset quality improved with gross non-performing assets or bad loans as a percentage of total loans at 6.37 per cent in the July-September period. ICICI Bank’s gross NPAs had stood at 6.49 per cent in the previous quarter and 8.54 per cent in the quarter ended September 30, 2018.

Net non-performing assets or bad loans decreased 51 per cent to Rs 10,916 crore as of September 30, 2019, it added.

The net non-performing assets ratio – or the percentage of net non-performing customer assets to net customer assets – came in at 1.6 per cent, the lowest level in last 15 quarters, ICICI Bank said in a press release. The ratio had stood at 1.77 per cent in the first quarter of 2019-20 and 3.65 per cent in the second quarter of 2018-19.

Net interest income (NII) – or the difference between interest earned and interest paid – increased 26 per cent to Rs 8,057 crore in the July-September period.

Net interest margin – a key indicator of a bank’s profitability – stood at 3.64 per cent in the quarter ended September 30, 2019, as against 3.61 per cent in the previous quarter and 3.33 per cent in the quarter ended September 30, 2018.

ICICI Bank said its total deposits were up 25 per cent year-on-year as of September 30.

ICICI Bank shares ended 3.18 per cent higher at Rs 469.10 apiece on the BSE on Friday, outperforming the benchmark Sensex index which finished 0.10 per cent higher after a volatile session.

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