ICICI Bank’s Q1 standalone net loss at Rs 120 cr

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Mumbai, July 27 (IANS) Private lender ICICI Bank on Friday reported a net loss of Rs 120 crore on a standalone basis for the first quarter of 2018-19.

The lender had reported a net profit of Rs 2,049 crore during the corresponding period of the previous financial year.

However, the banking major’s net interest income grew to Rs 6,102 crore during the quarter ended June 30, 2018 compared to Rs 5,590 crore in the corresponding period of the previous fiscal.

“Overall net interest margin of 3.19 per cent in Q1-2019 compared to 3.23 per cent in FY2018,” the banking major said in a statement.

As per the statement, the net NPA (non-performing asset) ratio decreased from 4.77 per cent at March 31, 2018 to 4.19 per cent at June 30, 2018.

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“While the gross additions to NPA at Rs 4,036 crore were the lowest in the last 11 quarters, additional provisions on existing NPAs as per Reserve Bank of India (RBI) guidelines resulted in total provisions of Rs 5,971 crore and a net loss of Rs 120 crore in Q1-2019,” the statement said.

On a consolidated basis, the bank’s profit after tax plunged to Rs 5 crore ($1 million) in Q1-2019 compared to Rs 2,605 crore ($380 million) in Q1-2018.

“Consolidated assets grew by 12 per cent from Rs 984,702 crore at June 30, 2017 to Rs 1,098,790 crore at June 30, 2018,” the statement added.

–IANS

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