NEW DELHI: Private lender ICICI Bank on Saturday posted a six-fold jump in its standalone net profit for the second quarter (Q2) ended September 2020.
The bank reported a net profit of Rs 4,251 crore in the period under consideration as against a profit of Rs 655 crore posted in the same quarter last year.
In terms of quarter-on-quarter growth, ICICI Bank posted a 64 per cent rise in net profit as compared to Rs 2,599 crore posted in June quarter.
Total income (standalone) in July-September 2020 stood at Rs 23,650.77 crore, up from Rs 22,759.52 crore in the same period a year earlier, ICICI Bank said in a regulatory filing.
On asset front, there was an improvement with gross non-performing assets (NPAs) falling to 5.17 per cent of gross advances as of September 30, 2020, against 5.37 per cent a year ago. While, gross NPAs or bad loans — in value terms — stood at Rs 38,989.19 crore as against Rs 45,638.79 crore.
Net NPAs fell to 1 per cent (Rs 7,187.51 crore) from 1.60 per cent (Rs 10,916.40 crore).
Additionally, the Bank held Covid-19 related provisions of Rs 8,772 crore ($ 1.2 billion) during the quarter.