ICICI Bank’s Net Profit in Q2 2020 Increased by 6 Times To Rs 4251 Cr

ICICI Bank reported an over six-fold jump in its standalone net profit at Rs 4,251 crore for the second quarter ended September 2020.

The bank had posted a net profit of Rs 655 crore during the same period of the previous fiscal year.

Total income (standalone) in July-September 2020 stood at Rs 23,650.77 crore, up from Rs 22,759.52 crore in the same period a year earlier, ICICI Bank said in a regulatory filing.

On asset front, there was an improvement with gross non-performing assets (NPAs) falling to 5.17 per cent of gross advances as of September 30, 2020, against 5.37 per cent a year ago.

In value terms, gross NPAs or bad loans stood at Rs 38,989.19 crore as against Rs 45,638.79 crore.

Net NPAs fell to 1 per cent (Rs 7,187.51 crore) from 1.60 per cent (Rs 10,916.40 crore).

On consolidated basis, the bank’s net profit was up over four-times at Rs 4,882 crore in Q2 FY21 against Rs 1,131 crore in Q2 FY20.

“The consolidated profit after tax in Q2 2020 had a one-time additional charge due to re-measurement of accumulated deferred tax assets at the revised marginal tax rate. The consolidated return on equity was 14.2 per cent in Q2 2021,” it said in the filing.

Income (consolidated) increased to Rs 39,321.42 crore during the quarter from Rs 37,424.78 crore a year earlier.

Total provisions for bad loans and contingencies rose to Rs 2,995.27 crore for September 2020 quarter against Rs 2,506.87 crore a year ago.

As of September 30, 2020, the bank held COVID-19 related provision of Rs 8,772 crore, it said.