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ICICI Bank's Q2FY21 net profit zooms to Rs 4,251 cr
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SME Times News Bureau | 31 Oct, 2020
Private sector lending major ICICI Bank on Saturday reported an
exponential rise in standalone net profit for the second quarter of
2020-21.
Accordingly, the lender's net profit rose to Rs 4,251
crore ($576 million) in the quarter ended September 30, 2020 from Rs 655
crore ($89 million) reported for the corresponding quarter of the
previous fiscal.
"Core operating profit (profit before provisions
and tax, excluding treasury income) grew by 18 per cent year-on-year to
Rs 7,719 crore ($1 billion) in Q2-2021," the bank said in a statement.
"Total deposits grew by 20 per cent year-on-year to Rs 832,936 crore ($112.9 billion) on September 30, 2020," it added.
According
to the lender, net interest income (NII) increased by 16 per cent
year-on-year to Rs 9,366 crore ($1.3 billion) in Q2-2021 from Rs 8,057
crore ($1.1 billion) in Q2-2020.
The domestic loans grew by 10 per cent year-on-year and 4 per cent quarter-on-quarter for the quarter ended September 30, 2020.
"Retail loans grew by 13 per cent year-on-year and 6 per cent sequentially quarter-on-quarter," the statement said.
Besides,
the bank's net non-performing asset (NPA) ratio decreased from 1.23 per
cent on June 30, 2020 to 1 per cent on September 30, 2020; after
including loans not classified as NPA pursuant to the Supreme Court's
interim order, net NPA ratio would have been 1.12 per cent.
The lender held Covid-19 related provisions of Rs 8,772 crore ($1.2 billion) on September 30, 2020.
"Post
the easing of restrictions, there has been a substantial month-on-month
increase in disbursements across retail products. Mortgage
disbursements during Q2-2021 crossed pre-Covid levels and reached an
all-time monthly high in September 2020," the statement said.
"Auto
loan disbursements have continued to increase from June 2020 and have
reached pre-Covid levels in September 2020 reflecting the rise in
passenger car sales. Disbursements across the rural portfolio have
crossed pre-Covid levels in the months of August and September 2020,"
it added.
As per the statement, credit card spends recovered to
about 85 per cent of pre-Covid levels in September 2020 led by increased
spends in categories such as health and wellness, electronics and
e-commerce.
In terms of consolidated results, the bank's profit
after tax was Rs 4,882 crore in Q2-2021 compared to Rs 3,118 crore in
Q1-2021 and Rs 1,131 crore in Q2-2020.
"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 statement said.
"Consolidated assets grew
by 15 per cent year-on-year to Rs 1,476,014 crore at September 30, 2020
from Rs 1,288,190 crore at September 30, 2019," it added.
In addition, the consolidated return on equity was 14.2 per cent in Q2-2021.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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