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June 2021
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Sharad Pawar, Yashwant Sinha call meet to put up united opposition        Kerala to implement tourism projects in time-bound manner: Riyas        BCCI to donate Rs 10 cr for preparations of Olympic-bound athletes        WTC Final, Day 3: NZ bowl out India for 217 in 1st innings, Jamieson picks 5 wickets        AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation        France elects regional leaders, preps for presidential vote        Argentina reports first confirmed case of ‘Black Fungus’: Reports        Bengal plans more COVID beds for women amid third wave threat        Delhi eases COVID restrictions        COVID-19: India records less than 60,000 cases after 81 days        WTC Final, Day 2: India 146/3 at stumps against NZ        Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements        Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region        Ebrahim Raisi elected Iran's new president        MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised        PM congratulates LS Speaker Om Birla for completing 2 years in office        Centre invites 14 J&K leaders to attend all-party meeting on June 24        Tour de France to hold women''s cycling race in July 2022        Will always regret missing hundred on Test debut but will get one next time: Shafali Verma        Nadal, Osaka both out for Wimbledon; she'll go to Olympics        
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Business News
ICICI Bank Q1 net profit rises 36% to Rs 2,599 crore
 
New Delhi: ICICI Bank on Saturday reported a 36 per cent increase in its standalone net profit at Rs 2,599 crore for the first quarter ended June 2020.

The bank had posted a profit of Rs 1,908 crore in the same quarter a year ago.

Total income during the quarter rose to Rs 26,066 crore from Rs 21,405.50 crore a year earlier, the bank said in a regulatory filing.

On a consolidated basis, its net profit for the April-June period improved by 24 per cent at Rs 3,117.68 crore as against Rs 2,513.69 crore in the corresponding quarter of the previous fiscal.

The bank's income on a consolidated basis rose to Rs 37,939.32 crore in the said quarter from Rs 33,868.89 crore in April-June 2019.

During the quarter, the bank sold equity shares representing 3.96 per cent in ICICI Lombard General Insurance Company Limited and 1.50 per cent in ICICI Prudential Life Insurance Company Limited 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 and Rs 2,715.87 crore in consolidated financial results for 01-2021," it said.

The lender witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 5.46 per cent of the gross advances by the end of June 2020, from 6.49 per cent a year ago.

Net NPAs were 1.23 per cent, down from 1.77 per cent a year ago.

However, the provisioning for bad loans and contingencies doubled to Rs 7,593.95 crore for April-June, as against Rs 3,495.73 crore a year earlier.

"During Q1 FY21, the bank has made an additional COVID-19 related provision amounting to Rs 5,550 crore. At June 30, 2020, the bank held COVID-19 related provision of Rs 8,275 crore. This additional provision made by the bank is more than requirement as per the RBI guideline dated April 17, 2020," it said.

The year-on-year growth in domestic advances was 10 per cent as on June 30, 2020, it said.

Total advances increased by 7 per cent to Rs 6,31,215 crore from Rs 5,92,415 crore as on June 30, 2019.


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