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Friday
August 2020
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News Headlines
Sports Minister Rijiju to launch Fit India Freedom Run on Friday        Hoping to get the speed gun up, Starc works on muscular body during COVID lockdown        SpiceJet offers automated customer service and check-in facility on WhatsApp        Sebi issues procedure for exchanges to handle investor complaints against listed cos        Experts warn Spain is losing the 2nd round in virus fight        Bhutan imposes 1st nationwide virus lockdown        Pilot meets Gehlot, handshake signals his return        Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free        Bengal govt encourages organ donation: Mamata        PM unveils new tax reforms - faceless tax assessment, taxpayers' charter        Virus outbreak threatens New Zealand's fan-filled stadiums        Lahiri back in action after 5 months, joins Atwal at Wyndham        HAL s Light Combat Helicopters deployed for operations at Leh        Sensex falls over 200 pts in early trade; Nifty below 11,300        Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP        Joe Biden names Indian-American Senator Kamala Harris as running mate        Biden 'nailed this decision' in picking Harris to be his running mate: Obama        Terrorist gunned down, soldier killed in encounter in J-K's Pulwama        Mulayam Singh Yadav's condition under control: Hospital        COVID-19: 60,963 fresh cases take India's tally to 23,29,638        
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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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KERALA NEWS
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