ICICI Bank quarterly profit falls 28%

Sat Oct 26 2019
Lucy Harlow (4100 articles)
ICICI Bank quarterly profit falls 28%

 India’s second-largest private-lender, ICICI Bank (ICBK.NS), reported a 28% fall in net profit in the quarter ended Sept. 30 due to a one-time charge related to deferred taxes.

Net profit fell to 6.5 billion Indian rupees ($ 91.79 million) in the second quarter compared with 9.09 billion rupees the same time last year.

Asset quality improved with gross non-performing assets (NPAs) at 6.37% compared to 8.54% in the corresponding quarter a year ago.

Net NPA also improved to 1.60%.

Net interest margin, a key indicator of bank profitability, stood at 3.64%.

The bank remains well-capitalised with a capital adequacy ratio of 16.14% at the end of September.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe