ICICI Bank Q2 profit falls 28% YoY to Rs 655 crore

ICICI Bank on Saturday posted a 27.90 per cent year-on-year (YoY) fall in net profit at Rs 654.96 crore for the quarter ended September 2019. It had posted a net profit of Rs 908.88 crore in the same period last year. “Excluding the impact of one-time additional charge due to re-measurement of accumulated deferred tax, profit after tax would have been Rs 3,575 crore in Q2FY20 compared with Rs 909 crore in Q2FY19,” ICICI Bank said in a release.Net interest income of the lender increased 25.53 per cent YoY to Rs 8,057 crore in Q2FY20 over Rs 6,418 crore in Q2FY19.Asset quality of the lender improved with percentage of gross non-performing assets easing to 6.37 per cent during the quarter under review against 8.54 per cent in the corresponding quarter last year. The figure stood at 6.49 per cent in the preceding quarter ended June 2019.Percentage of net NPA improved to 1.60 per cent from 3.65 per cent YoY. It was at 1.77 per cent for the quarter ended June 2019.Provisions and contingencies declined 37.23 per cent YoY to Rs 2,506.87 crore in Q2FY20. Total expenditure of ICICI Bank, however, increased 22 per cent YoY to Rs 15,885.42 crore during the quarter under review.Total capital adequacy ratio stood at 16.14 per cent as of September 2019.Shares of ICICI Bank on Friday settled 3.18 per cent higher at Rs 469.10. Meanwhile, it hit an all-time high of Rs 470.70 intraday.

from Economic Times https://ift.tt/2MQjw1M