ICICI Bank posts loss of ₹120 crore in Q1

The bank’s net profit in the year-ago period stood at ₹2,049 crore.

ICICI Bank on Friday reported a loss of ₹119.5 crore on standalone basis for the June quarter on account of rise in bad loans.

The bank’s net profit in the year-ago period stood at ₹2,049 crore. Total income was ₹18,574.17 crore, against ₹16,847.04 crore in April-June, 2017-18, the bank said in a statement. The net profit on consolidated basis for the June quarter was a meagre ₹4.93 crore, compared to ₹2,604.73 crore a year ago.

There was a deterioration in bank’s asset quality, with gross non-performing assets (NPAs) or bad loans widening to 8.81 per cent of the gross advances as on June 30, 2018, compared to 7.99 per cent by June last year.

There was a significant jump in provisioning and contingencies at ₹5,971.29 crore for the reported quarter, against ₹2,608.74 crore earlier.

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