InvestorQ : How do you see ICICI bank after the latest results for Jun-20 quarter?
Mitali Bhutta made post

How do you see ICICI bank after the latest results for Jun-20 quarter?

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Dawn Cherian answered.
3 months ago
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ICICI Bank reported 36% rise in net profits at Rs.2599 crore for Jun-20 quarter. Total income was up 22% at Rs.26,066 crore. During the quarter, ICICI Bank booked a profit of Rs.2250 crore from the sale of 3.96% stake in ICICI Lombard and also booked Rs.840 crore from the sale of 1.50% stake sale in ICICI Prudential Life.

The lockdown significantly impacted economic activities and ICICI also took a hit, although it has recovered since June beginning. However, higher NPAs post the lifting of moratorium remains a distinct possibility. In Q1 ICICI bank made an additional COVID provision of Rs.5550 crore. Gross NPAs improved from 6.49% to 5.46% on a YOY basis. NII was up 20% at Rs.9278 crore.

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