INSUBCONTINENT EXCLUSIVE:
MUMBAI: Private lender ICICI Bank on Saturday posted a nearly 28 per cent year-on-year (YoY) drop in the September quarter net profit at Rs
645.96 crore on account of one-time additional charge on re-measurement of accumulated deferred tax
However, the bank's asset quality improved for the quarter.
It had posted a net profit of Rs 908.88 crore in the same period last
year.
Excluding the impact of one-time additional charge due to re-measurement of accumulated deferred tax, profit after tax (PAT) would
have been Rs 3,575 crore in Q2FY20 compared with Rs 909 crore in Q2FY19, the bank said.
Ahead of the earnings announcement, ICICI Bank stock
had touched record high of Rs 470.70 on the BSE on Friday
It settled 3.18 per cent higher at Rs 469.10.
Here are the key takeaways from ICICI Bank's Q2 results:Interest income risesNet interest
income (NII) increased by 26 per cent YoY to Rs 8,057 crore in Q2FY20 from Rs 6,418 crore in Q2FY19.
Margins expandThe net interest margin
came in at 3.64 per cent for the quarter ended September 2019 compared with 3.61 per cent in the same quarter last year and 3.33 per cent in
June quarter of this year.
Increase in non-interest incomeNon-interest income, excluding treasury income, stood at Rs 3,854 crore in the
September quarter compared with Rs 3,191 crore in the year-ago quarter
Fee income grew by 16 per cent YoY to Rs 3,478 crore in the quarter under review.
Asset quality improvesThe bank's asset quality improved
with percentage of gross non-performing assets (GNPAs) easing to 6.37 per cent during the quarter against 8.54 per cent in the corresponding
The figure stood at 6.49 per cent in the preceding quarter ended June 2019.
The percentage of net NPA improved to 1.60 per cent from 3.65
It stood at 1.77 per cent for the quarter ended June 2019.
Provisions dropProvisions and contingencies declined 37.23 per cent YoY to Rs
2,506.87 crore during the quarter.
Network expansionThe bank had a network of 5,228 branches and 15,159 ATMs as of September 30
It is looking to open 450 branches during the year ended March 31
During the quarter under review, 346 new branches were opened
