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ICICI bank’s Q2FY21 net profit zooms to Rs 4,251 Cr

31/10/2020 at 5:35 PM

Mumbai, Oct 31: Private sector lending major ICICI bank on Saturday reported an exponential rise in standalone net profit for the second quarter of 2020-21.

Accordingly, the lenders net profit rose to Rs 4,251 crore ($576 million) in the quarter ended September 30, 2020 from Rs 655 crore ($89 million) reported for the corresponding quarter of previous fiscal.

“Core operating profit (profit before provisions and tax, excluding treasury income) grew by 18 per cent year-on-year to Rs 7,719 crore ($1 billion) in Q2-2021,” the bank said in a statement.

“Total deposits grew by 20 per cent year-on-year to Rs 832,936 crore ($112.9 billion) on September 30, 2020.”

According to the lender, net interest income (NII) increased by 16 per cent year-on-year to Rs 9,366 crore ($1.3 billion) in Q2-2021 from Rs 8,057 crore ($1.1 billion) in Q2- 2020.

The domestic loans grew by 10 per cent year-on-year and 4 per cent quarter-on- quarter on September 30, 2020.

“Retail loans grew by 13 per cent year-on-year and 6 per cent sequentially quarter-on-quarter,” the statement said.

Besides, the bank’s net non-performing asset (NPA) ratio decreased from 1.23 per cent on June 30, 2020 to 1 per cent on September 30, 2020; including loans not classified as NPA pursuant to the Supreme Court’s interim order, net NPA ratio would have been 1.12 per cent.

Additionally, the lender held Covid-19 related provisions of Rs 8,772 crore ($1.2 billion) on September 30, 2020.

(IANS)

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