The private sector lender on Saturday reported a jump of 247 per cent in its profit before tax (PBT) for Q2FY21 at Rs 4,367 crore, compared to Rs 1,256 crore in the year-ago quarter. However, net profit dipped by 27.9 per cent to Rs 655 crore in Q2FY20, as against Rs 909 crore logged in the corresponding quarter of FY19.
Excluding the impact of a one-time additional charge of Rs 2,920 crore on account of the re-measurement of the accumulated deferred tax (DTA), net profit would have been Rs 3,575 crore on a standalone basis, the bank said in a statement.
“ICICI Bank reported a strong set all round performance despite concerns on the slowdown and pressure on the economy. Retail domestic growth along with margin and assets quality continued to perform well. BB & below book and higher exposure towards telecom sector poses near-term risk. Strong specific PCR at 76 per cent is one of the highest in the industry and it provides cushion against any uncertainty. Focus on high yield retail assets will continue to provide upward bias on the margin. Recovery from IBC cases will keep credit cost under control,” analysts at Narnolia Financial Advisors said in a result update.
At 06:21 pm, ICICI Bank was trading 0.37 per cent lower at Rs 467 on the BSE, as compared to a 0.57 per cent rise in the S&P BSE Sensex. A combined 2.7 million shares have changed hands on the counter on the BSE and NSE so far.