ICICI Bank’s net profit declines 8%

Mumbai, July 27 (IANS) Private sector ICICI Bank on Thursday reported a decline of 8.21 per cent in its standalone net profit for the first quarter ended June 30, 2017 at Rs 2,049 crore compared to Rs 2,232.35 crore in the same period last year.

According to the bank, its total income for the first quarter of 2017 stood at Rs 16,847.04 crore -- up 0.52 per cent -- as compared to Rs 16,759.51 crore reported during the corresponding quarter of 2016.

"Net interest income increased by 8 per cent on a year-on-year basis to Rs 5,590 crore ($866 million) in the quarter ended June 30, 2017 from Rs 5,159 crore ($799 million) in the quarter ended June 30, 2016," the bank said in a statement.

On a consolidated basis, the bank's net profit rose by 3.53 per cent to Rs 2,604.73 crore during the quarter under review from Rs 2,515.85 crore during Q1 of the previous year.

The total income of the bank in Q1 FY18 stood at Rs 26,517.57 crore -- up 8.30 per cent- from Rs 24,483.75 crore reported during Q1 FY17.

The bank's scrip on the BSE closed 1.02 per cent lower at Rs 307.05 per share.

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