ICICI Bank Q2 net profit dips 55 % to Rs nine billion, NPAs rise

Private lender ICICI Bank saw its net profit for the September quarter dip more than half over the year-ago quarter. Net profit for the quarter stood at Rs 9.09 billion against Rs 20.58 billion a year ago, said the bank in a stock exchange filing. The bank had reported its first-ever loss amounting to Rs 1.2 billion for the previous June quarter (Q1). The June-September quarter saw the bank embroiled in leadership problems as Chanda Kochhar had gone on leave in June facing conflict of interest allegations. Net interest income (NII) rose 11 per cent to Rs 64.18 billion in September 2018 against Rs 57.09 billion in the year-ago quarter. Advances grew by 13 per cent to Rs 5444 billion in September 2018, while deposits grew at 12 per cent to Rs 5586 billion.

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