ICICI Bank reports loss of Rs 1.2 billion in Q1 on rising bad loans

ICICI Bank on Friday reported a loss of Rs 1.19 billion on a standalone basis for the June quarter, on account of rise in bad loans.

The bank's net profit in the year-ago period stood at Rs 20.49 billion.

Total income was Rs 185.74 billion as against Rs 168.47 billion in April-June, 2017-18, the bank said in a statement.

Net profit on consolidated basis for the June quarter was a meagre Rs 49.3 billion, compared to Rs 26.04 billion a year ago.

There was a deterioration in bank's asset quality, with gross non-performing assets (NPAs) or bad loans widening to 8.81 per cent of the gross advances as on June 30, 2018, compared to 7.99 per cent by June last year.

There was a significant jump in provisioning and contingencies at Rs 59.71 billion for the reported quarter as against Rs 26.08 billion earlier.