Private banks' Q1 review: Overall net profit declines; interest, income up

The private sector banks with the most asset quality trouble, ICICI Bank and Axis Bank, said that this quarter's slippages were the lowest since the past few years

Private sector banks saw a mixed performance for Q1FY19. ICICI Bank posted its first-ever loss and Axis Bank’s net profit reduced to half of the previous year’s June quarter even as others showed a steady growth. Provisioning for bad loans continued to weigh on banks’ profitability along with bond losses as well as a slower income growth.

As per a CARE rating report, the total net profit of private sector banks declined by 18.8 per cent in June 2018 against a rise of 13.3 per cent in the previous year. While both interest and other income grew during the year,