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Wednesday, August 05, 2020

ICICI Bank profit rises 36% on stake sales in subsidiaries

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

By: ENS Economic Bureau | Mumbai | Published: July 26, 2020 12:30:26 am
icici bank, icici bank q4 report, icici bank q4 profit, covid-19, icici bank covid-19, indian banking sector, coronavirus india news, indian express news ICICI Bank’s gross non-performing assets were at Rs 40,386 crore, or 5.46 per cent of advances, as of June 2020, as against Rs 45,763 crore, or 6.49 per cent, a year ago. (Source: Bloomberg)

Aided by profits from stake sales in subsidiaries, private lender ICICI Bank on Saturday reported a 36 per cent increase in standalone net profit at Rs 2,599 crore for the quarter ended June 30, 2020 as against a net profit of Rs 1,908 crore in the year-ago period.

Total income during the quarter rose to Rs 26,066 crore from Rs 21,405.50 crore a year earlier, the bank said. The bank sold equity shares representing 3.96 per cent in ICICI Lombard General Insurance and 1.50 per cent in ICICI Prudential Life Insurance for a total consideration of Rs 3,092.93 crore.

According to the bank, the impact of the COVID-19 pandemic on the bank is highly uncertain and will depend on the ongoing spread of COVID-19, the effectiveness of current and future steps taken by governments and central banks to mitigate the economic impact, steps taken by the bank and the time it takes for economic activities to return to pre-pandemic levels.

“The bank’s capital and liquidity position is strong and would continue to be the focus area for the bank during this period. During the June quarter, the bank has made an additional COVID-19-related provision amounting to Rs 5,550 crore. As of June 30, 2020, the bank held COVID-19-related provision of Rs 8,275 crore,” it said.

The bank’s gross non-performing assets were at Rs 40,386 crore, or 5.46 per cent of advances, as of June 2020, as against Rs 45,763 crore, or 6.49 per cent, a year ago.

“The year-on-year growth in domestic advances was 10 per cent as of June 2020. The growth in the retail loan portfolio was 11 per cent year-on-year as of June 2020, including non-fund outstanding, retail was 54.4 per cent of the total portfolio,” it said.

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