ICICI Bank has reported a 30% increase in its quarterly net profit, slightly below estimates, as strong credit growth and lower provisions for bad loans were offset by higher expenditure, The Economic Times reported.
India’s second-largest lender said its net profit in April-June stood at Rs 1,332crore compared with Rs 1,026 crore a year ago.
Net income in April-June quarter was Rs 2,411 crore, compared with Rs 1,992 crore a year ago. Meanwhile, ICICI Bank’s consolidated net profit rose 53% to Rs1,667 crore for the first quarter ended June 30.
ICICI Bank had posted a consolidated net profit of Rs 1,091 crore for the April-June quarter last fiscal.
Total income of the bank on consolidated basis increased to Rs 14,794.7 crore during the quarter, compared to Rs 13,535.3 crore in the same quarter last fiscal.
ICICI Bank’s provisions and contingencies fell more than 40% to Rs454 crore due to improvement in asset quality. Net non-performing assets fell to 1.04% at June-end from 1.87% a year ago.
Earlier this month, HDFC Bank posted a more than 30% growth in net profit. The Reserve Bank of India on Tuesday increased its repo rate by a 50 basis points to fight inflation.
It also cut credit growth for banks to 18% from 19% projected earlier. ICICI Bank is India’s second largest bank, having a network of 2,533 branches and 6,503 ATMS in India, and has a presence in 19 countries, including India.
