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

ICICI Bank on Saturday reported a standalone net profit of Rs 1,908 crore for the first quarter ended June 2019.The bank had posted a net loss of Rs 120 crore in the same quarter a year ago.

Total income on standalone basis in the reported quarter rose to Rs 21,405.50 crore from Rs 18,574.17 crore a year earlier, the bank said in a regulatory filing.

On a consolidated basis, its net profit for the April-June period sttod at Rs 2,513.69 crore as against Rs 5 crore in the corresponding quarter of 2018.The bank's income (consolidated) rose to Rs 33,868.89 crore in the said quarter from Rs 27,174.12 crore in April-June 2018.

The lender witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 6.49 per cent of the gross advances by the end of June 2019, from 8.81 per cent a year ago.

Net NPAs were 1.77 per cent, down from 4.19 per cent a year ago.Thus, the provisioning for bad loans and contingencies fell to Rs 3,495.73 crore for April-June 2019, as against Rs 5,971.29 crore a year earlier. 

Speaking about the market, equity benchmark BSE Sensex ended 51.81 points higher on Friday which also broke six days losing streak.

While subdued corporate earnings, foreign fund outflows and weak global cues continue to weigh on the markets, hopes of above-average rainfall in the next two weeks buoyed investor sentiment to some extent, traders said.

After a choppy session, the 30-share Sensex ended 51.81 points or 0.14 per cent higher at 37,882.79. Similarly, the broader NSE Nifty rose 32.15 points or 0.29 per cent to settle at 11,284.30.

(With inputs from PTI)