ICICI Bank's quarterly net profit rose 36 per cent to Rs 2,599 crore

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Mumbai, July 25, 2020, Saturday

ICICI Bank, India's leading private sector bank, has reported a 6 per cent increase in net profit from holding sales in subsidiaries for the first quarter ended June 30, 2020 to Rs 4 crore. It was Rs 1,407 crore in the same period last year.

In June, the bank sold 4.5 per cent stake in ICICI Lombard for Rs 20 crore, and ICICI Prudential Life for 1.6 per cent stake, raising Rs 20 crore to Rs 5,050 crore. The bank said the holding sale in the first quarter resulted in a net gain of Rs 206.5 crore in standalone financial results and Rs 216.5 crore in consolidated results.

With the lockdown causing a major adverse effect on economic activities in the quarter, the bank has provided an additional Rs 20 crore for Kovid-12. The bank's total NPAs fell to 7.5 per cent from 2.4 per cent and net NPAs fell to 1.61 per cent from 1.7 per cent. The bank's net interest income rose 30 per cent to Rs 5 crore. On a consolidated basis, the bank's revenue has increased to Rs 3,6.5 crore from Rs 2,6.5 crore.

Consolidated net profit rose 5 per cent to Rs 2,114.5 crore from Rs 316.5 crore.

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