ICICI Bank’s Q1FY21 net earnings rises 36% to Rs 2,599 cr

ICICI Bank

In image: People wait to deposit and withdraw their cash outside an ICICI Bank ATM in Rajkot, India, November 8, 2016.Reuters

Private sector lending main ICICI Bank on Saturday noted a 36 per cent growth in standalone web profit of Rs 2,599 crore for the initially quarter of 2020-21.

The bank experienced attained a web financial gain of Rs 1,908 crore for the corresponding period of time of the previous fiscal.

Similarly, net curiosity earnings (NII) increased by 20 per cent year-on-calendar year t o Rs 9,280 crore in Q1FY21 from Rs 7,737 crore in Q1-2020.

Web fascination margin was 3.69 for each cent in Q1-2021

“The internet curiosity margin was 3.69 for each cent in Q1-2021 in contrast to 3. 87 for each cent in the quarter ended March 31, 2020 (Q4-2020) and 3.61 for each cent in Q1-2020, reflecting the greater liquidity with the bank because of to sturdy deposit inflows and confined credit rating demand because of to the lockdown,” the organization said in a statement.

The bank manufactured provisions (excluding COVID-19 related provisions and provision for tax) declined by 42 per cent yr-on-12 months to Rs 2,044 crore in Q1FY21 from Rs 3,496 crore in Q1-2020.

“The lender has designed supplemental COVID-19 linked provisions of Rs 5,550 crore on a prudent basis in Q1-2021 with the aim of completely cushioning the stability sheet from the impression of Covid-19.” Moreover, the bank held COVID-19 relevant provisions amounting to Rs 8,275 crore as of June 30, 2020.

“This supplemental provision held by the lender is much more than the requirement as per the RBI guideline dated April 17, 2020,” “Web non-doing assets (NPA) decreased by 51 per cent from Rs 24,170 crore at June 30, 2018 to Rs 11,857 crore at June 30, 2019,” the assertion said.

READ  Mahesh Babu, Allu Arjun, Arya and other celebs shower needs upon Devi Sri Prasad
Written By
More from Thalia Vaughn

GOP congressman who routinely refuses to wear a mask tests beneficial for Covid-19

Rep. Louie Gohmert issues Attorney General William Barr through a Home Judiciary...
Read More

Leave a Reply

Your email address will not be published. Required fields are marked *