ICICI’s profit declines in September

New Delhi: Private sector lender ICICI Bank posted a 6.09 per cent decline in consolidated net profit for the September quarter at Rs 1,131.20 crore. It had reported a net profit of Rs 1,204.62 crore for the July-September period a year ago. Total consolidated income rose 17.26 per cent to Rs 37,424.78 crore during the period under review, as against Rs 31,914.82 crore in the corresponding period of 2018-19, the bank said in a regulatory filing.

On standalone basis, ICICI Bank’s net profit was down 27.93 per cent to Rs 654.96 crore in July-September as against Rs 908.88 crore of the corresponding quarter last fiscal. Total standalone income was up 24.62 per cent to Rs 22,759.52 crore as against Rs 18,262.12 crore earlier. The lender witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 6.37 per cent of the gross advances by the end of September 2019, from 8.54 per cent a year ago. Net NPAs stood at 1.60 per cent, down from 3.65 per cent a year ago. Consequently, provisioning for bad loans and contingencies fell to Rs 2,506 crore for July-September 2019, as against Rs 3,994 crore a year earlier.