ICICI Bank reported an over six-fold jump in its standalone net profit at Rs. 4,251 crores for the second quarter ended September 2020. The bank had posted a net profit of Rs. 655 crores during the same period of the previous fiscal year.
Total income (standalone) in July-September 2020 stood at Rs. 23,650.77 crores, up from Rs. 22,759.52 crores 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 crores as against Rs. 45,638.79 crores.
Net NPAs fell to 1 per cent (Rs. 7,187.51 crores) from 1.60 per cent (Rs. 10,916.40 crores).
On consolidated basis, the bank’s net profit was up over four-times at Rs. 4,882 crores in Q2 FY21 against Rs. 1,131 crores 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 crores during the quarter from Rs. 37,424.78 crores a year earlier.
Total provisions for bad loans and contingencies rose to Rs. 2,995.27 crores for September 2020 quarter against Rs. 2,506.87 crores a year ago. As of September 30, 2020, the bank held COVID-19 related provision of Rs. 8,772 crores, the bank added.