ICICI Bank Q1 net declines 8% to Rs 2,049 cr

Gross NPAs rose to 7.99% as compared to 7.89% in Q4 of FY17

Private lender ICICI Bank reported an eight per cent drop in profit at Rs 2,049 crore in the quarter ended June, over Rs  2,232 crore in the same quarter a year before. Net interest income, the difference between interest earned and expended, rose eight per cent to Rs  5,590 crore. The net interest margin was 3.27 per cent, up from 3.16 per cent a year before. Other income for the quarter was Rs 3,388 crore, as against Rs 3,429 crore earlier.

The stock closed one per cent down at Rs 307 on the BSE exchange. The bank announced these results after