ICICI Bank Reported 56% YoY Decline in Profits

Private lender ICICI Bank reported a 55.84 per cent year-on-year decline in its standalone net profit for the quarter ended in September.

The bank's net profit for the second quarter of the financial year 2018-19 stood at Rs 908.88 crore, against Rs 2,058.19 crore reported during the corresponding period of the last fiscal.

"Net interest income was Rs 6,418 crore ($885 million) Q2-2019 compared to Rs 5,709 crore ($788 million) in the quarter ended on September 30, 2017 (Q2-2018)," the statement said.

The net interest margin was 3.33 per cent in Q2-2019, it said.

Provisions during the quarter were down 11.3 per cent at Rs 3,994 crore compared to Rs 4,503 crore in Q2 FY18, according to the company.

Percentage of gross non-performing assets was 8.54 per cent during the quarter under review, down from 8.81 per cent first quarter of FY19