ICICI Bank Q2 Results Highlights: Check performance in controversy-marred quarter; all details here
ICICI Bank Q2 Results Highlights: The bank has been in the eye of a storm following the allegations of irregularities against its former CEO and MD Chanda Kochhar for extending loans to Videocon.
ICICI Bank Q2 Results Highlights: ICICI Bank has today reported a 56 per cent fall in its net profit at Rs 909 crore for the quarter ended September 30. The bank has been in the eye of a storm following the allegations of irregularities against its former CEO and MD Chanda Kochhar for extending loans to Videocon. The bank has recently elevated its COO Sandeep Bakhshi as CEO and MD after the resignation of Kochhar. Here are the key highlights of the bank's performance in the July-September quarter:
1. The standalone profit after tax was Rs 909 crore (US$ 125 million) in Q2-2019 compared to a loss of Rs 120 crore (US$ 17 million) in Q1-2019 and a net profit of Rs 2,058 crore (US$ 284 million) in Q2-2018.
2. Consolidated profit after tax was Rs 1,205 crore (US$ 166 million) in Q2-2019 compared to Rs 5 crore (US$ 1 million) in Q1-2019 and Rs 2,071 crore (US$ 286 million) in Q2-2018.
3. The core operating profit (profit before provisions and tax, excluding treasury income) grew by 10% year-on-year to Rs 5,285 crore (US$ 729 million) in the quarter ended September 30, 2018 (Q2-2019)
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4. Domestic loan growth at 16% year-on-year at September 30, 2018 driven by retail
5. 15% year-on-year growth in current and savings account (CASA) deposits; outstanding CASA ratio at 50.8% at September 30, 2018
6. Net NPA ratio decreased from 4.19% at June 30, 2018 to 3.65% at September 30, 2018
7. Total capital adequacy ratio of 17.84% and Tier-1 capital adequacy ratio of 15.38% on standalone basis at September 30, 2018
8. Net interest income was Rs 6,418 crore (US$ 885 million) Q2-2019 compared to Rs 5,709 crore (US$ 788 million) in the quarter ended September 30, 2017 (Q2-2018). The net interest margin was 3.33% in Q2-2019 compared to 3.19% in Q1-2019.
9. Non-interest income, excluding treasury income, was Rs 3,191 crore (US$ 440 million) in Q2-2019 compared to Rs 2,993 crore (US$ 413 million) in Q2-2018.
10. The bank's consolidated profit after tax was Rs 1,205 crore (US$ 166 million) in Q2-2019 compared to Rs 2,071 crore (US$ 286 million) in Q2-2018.
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