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ICICI Bank Shares Fall Over 5% Despite Posting Profit For Q1

By Staff
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On Monday, shares of ICICI Bank Ltd declined over 5 percent to Rs 360.5 even as the private lender reported a 36.3 percent year-on-year increase in net profit for the June-ended quarter at Rs 2,599 crore.

In comparison, the bank had posted a profit of Rs 1,908 crore in the same period last year.

The net profit was aided by one-time gains from the sale of stake in ICICI Lombard and ICICI Prudential Life.

ICICI Bank Shares Fall Over 5% Despite Posting Profit For Q1
 

The net interest income (NII), which is the difference between the interest income earned by the bank and the interest paid, was up by 19.9 percent to Rs 9,279 crore against Rs 7,737 crore a year ago.

Net interest margin for the first quarter of 2020-21 was higher than 3.61 percent in the same period last year but lower than 3.87 percent reported in the March-ended quarter.

The private lender made additional COVID-19 related provisions of Rs 5,550 crore with an objective to completely cushion the balance sheet from the effects of the pandemic, the bank said.

Its non-performing assets (NPAs) ratio was down to 1.23 percent in the June-ended quarter from 1.41 percent in March. The provision coverage ratio, excluding technical write-offs, were up to 78.6 percent as of 30 June from 75.7 percent as of 31 March.

The lender's non-interest income was down to Rs 2,380 crore during the quarter from Rs 3,247 crore last year.

Read more about: icici bank
Story first published: Monday, July 27, 2020, 12:18 [IST]
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