ICICI Bank Q2 net profit declines 28% to ₹655 cr1 min read . Updated: 26 Oct 2019, 02:55 PM IST
- The private lender's bottomline was hurt by a higher tax expense of ₹3,712 crore
- Asset quality improves during the quarter
New Delhi: ICICI Bank reported 28% drop in net profit at ₹655 crore for the quarter ended September 2019. It was ₹909 crore in the same period a year ago.
The private lender's bottomline was hurt by a higher tax expense of ₹3,712 crore.
Asset quality improved with gross non-performing assets (NPAs) at 6.37% compared to versus 6.49% in June quarter and 8.54% in the corresponding quarter a year ago.
Net NPA also improved to 1.6% as against 1.77% in Q1FY20.
The bank remains well-capitalised with a capital adequacy ratio of 16.14% at the end of September.
The net interest income rose 25% to ₹8,057 crore as against ₹6,417 crore in the year-ago period.
On Friday, the ICICI Bank stock on BSE closed 3.1% higher at ₹469.10.