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ICICI Bank Q1 PAT jumps 36% to Rs 2599 cr

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The private sector lender posted reported a 36.2% rise in net profit to Rs 2599.15 crore on a 21.8% jump in total income to Rs 26069.95 crore in Q1 June 2020 over Q1 June 2019.

Profit before tax was at Rs 3182.50 crore in Q1 June 2020, rising 14% year on year from Rs 2792.73 crore in Q1 June 2019. Total tax expense tumbled 34% year on year to Rs 583.35 crore in Q1 June 2020.

Net profit was aided after the bank sold equity shares representing 3.96% in ICICI Lombard General Insurance Company and 1.50% in ICICI Prudential Life Insurance Company for a total consideration of Rs 3,092.93 crore. The sale resulted in net gain (after sale related expenses) of Rs 3,036.29 crore in standalone financial results which aided net profit.

Gross non-performing assets (NPAs) stood at Rs 40,386.24 crore as on 30 June 2020 as against Rs 41,409.16 crore as on 31 March 2020 and Rs 45,763.08 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 5.46% as on 30 June 2020 as against 5.53% as on 31 March 2020 and 6.49% as on 30 June 2019. The ratio of net NPAs to net advances stood at 1.23% as on 30 June 2020 as against 1.41% as on 31 March 2020 and 1.77% as on 30 June 2019.

The bank's provisions and contingencies soared 117% to Rs 7593.95 crore in Q1 June 2020 over Rs 3495.73 crore in Q1 June 2019. The bank made additional COVID-19 related provisions of Rs 5,550 crore made on a prudent basis in Q1 June 2020 with the objective of completely cushioning the balance sheet from the impact of COVID-19. The bank's provision coverage ratio (excluding technical write-offs) increased from 75.7% at March 31, 2020 to 78.6% at June 30, 2020

ICICI Bank's core operating profit (profit before provisions and tax, excluding treasury income) grew by 15% year-on-year to Rs 7,014 crore in Q1 June 2020.

Net interest income (NII) increased by 20% to Rs 9,280 crore in Q1 June 2020 from Rs 7,737 crore in Q1 June 2019. The net interest margin stood at 3.69% in Q1 June 2020 as compared to 3.87% in the Q4 March 2020 and 3.61% in Q1 June 2019, reflecting the higher liquidity with the Bank due to strong deposit inflows and limited credit demand due to the lockdown.

ICICI Bank's total deposits increased by 21% YoY to Rs 8,01,622 crore in Q1 June 2020. The bank's total advances increased by 7% year-on-year to Rs 6,31,215 crore in Q1 June 2020 from Rs 5,92,415 crore in Q1 June 2019.

The bank's total capital adequacy stood at 16.32% on 30 June 2020 as against minimum regulatory requirements of 11.08%. Tier-1 capital adequacy was at 14.93% in Q1 June 2020 compared to the minimum regulatory approval of 9.08%.

The average CASA ratio was 41.0% in Q1 June 2020 compared to 42.3% in Q4 March 2020 and 43.4% in Q1 June 2019.

Shares of ICICI Bank were down 1.68% at Rs 375.45 on BSE. The result was announced on Saturday, 25 July 2020.

ICICI Bank is one of India's leading private banks.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 27 2020. 09:28 IST
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