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ICICI Bank Q2 Profit Falls 28% Due To One-Time Tax Charge

By Staff
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On Saturday, ICICI Bank reported a 27.90 percent fall in net profit to Rs 654.96 crore for the September-ended quarter from the same period a year ago. In September 2018, its net profit was Rs 908.88 crore.

ICICI Bank Q2 Profit Falls 28% Due To One-Time Tax Charge
ICICI Bank: Quotes, News
BSE 496.60BSE Quote3.45 (0.69%)
NSE 496.40NSE Quote2.9 (0.58%)
 

"Excluding the impact of one-time additional charge due to re-measurement of accumulated deferred tax, profit after tax would have been Rs 3,575 crore in Q2FY20 compared with Rs 909 crore in Q2FY19," ICICI Bank said in a release to the stock exchanges.

The net interest income (NII) for the July-September 2019 was up by 25.53 percent to Rs 8,057 crore from Rs 6,418 crore a year ago.

The private lender's asset quality for the quarter under review improved with gross non-performing assets (NPAs) falling to 6.37 percent as against 8.54 percent in the same period of the previous year. Percentage of net NPAs improved to 1.60 percent from 3.65 percent on a year-on-year basis.

ICICI Bank's provisions and contingencies declined by 37.23 percent to Rs 2,506.87 crore in the September-ended quarter. However, total expenditure of the bank rose by 22 percent on a year-on-year basis to Rs 15,885.42 crore.

On Friday, in intraday trade, shares of ICICI Bank gained 2.3 percent to touch a record high of Rs 466 on BSE causing its market cap to rise by 2.1 percent to Rs 3.01 trillion. The bank's market capitalisation crossed Rs 3 trillion for the first time ever, making it the fourth Indian bank to do so.

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