ICICI Bank posts Q1 net profit of Rs 1,908 crore

ICICI Bank on Saturday reported a standalone net profit of Rs 1,908 crore for the first quarter ended June 2019.

The bank had posted a net loss of Rs 120 crore in the same quarter a year ago.

Total income on a standalone basis in the reported quarter rose to Rs 21,405.50 crore from Rs 18,574.17 crore a year earlier, the bank said in a regulatory filing.

On a consolidated basis, its net profit for the April-June period stood at Rs 2,513.69 crore as against Rs 5 crore in the corresponding quarter of 2018.

The bank's income (consolidated) rose to Rs 33,868.89 crore in the said quarter from Rs 27,174.12 crore in April-June 2018.

The lender witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 6.49 per cent of the gross advances by the end of June 2019, from 8.81 per cent a year ago.

Net NPAs were 1.77 per cent, down from 4.19 per cent a year ago.

Thus, the provisioning for bad loans and contingencies fell to Rs 3,495.73 crore for April-June 2019, as against Rs 5,971.29 crore a year earlier.