ICICI Bank posts standalone net profit of Rs 1,908 crore for June quarter

The lender witnessed an improvement in asset quality as gross NPAs fell to 6.49 per cent of the gross advances by the end of June 2019

Improvement in asset quality led ICICI Bank to report a consolidated net profit of Rs 2,513.69 crore for the June quarter on Saturday, against Rs 4.93 crore profit in the year-ago period.

On a standalone basis, the second largest private sector bank by assets reported a net profit of Rs 1,908 crore against a Rs 119 crore loss for June 2018.

The bank's core net interest income grew 26.8 per cent to Rs 7,737 crore on expansion in net interest margin to 3.61 per cent from 3.19 per cent in the year-ago period and an 18 per cent credit growth fuelled by