ICICI Bank net slips 22% to Rs 2,516 crore : The Tribune India

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ICICI Bank net slips 22% to Rs 2,516 crore

NEW DELHI: Private sector lender ICICI Bank today reported 22.1% decline in consolidated net profit at Rs 2,516 crore for the quarter ended June 30 as bad loans mounted.



New Delhi, July 29

Private sector lender ICICI Bank today reported 22.1% decline in consolidated net profit at Rs 2,516 crore for the quarter ended June 30 as bad loans mounted.

On standalone basis, its net profit was down 25% to Rs 2,232 crore as against Rs 2,976 crore in the first quarter (April-June) of the 2015-16 fiscal.

The gross non-performing assets (NPAs) of the bank as a percentage of total advances jumped to 5.87% during the quarter under review from 3.68% a year ago, the bank said.

Net NPAs of the bank also rose to 3.35% against 1.58% in the same period a year ago.

Total income of the bank rose to Rs 16,760 crore in the first quarter of 2015-16, from Rs 15,802 crore in the three-month period of last fiscal.

L&T profit up 46% at Rs610 cr

Infrastructure giant Larsen & Toubro (L&T) on Friday reported a 46% jump in consolidated net profit at Rs 610 crore for the quarter ended June 30, 2016.

Total income of the firm rose 9% to Rs 21,874 crore in April-June quarter this fiscal from Rs 20,048 crore during the same quarter in 2015-16.

Vedanta’s Q1 net drops 30%

Mining conglomerate Vedanta Ltd on Friday reported a 30% fall in consolidated net profit at Rs 615.02 crore for the quarter ended June 30.

Total consolidated income declined by 15% to Rs 14,437.08 crore in April-June quarter this fiscal from Rs 17,008.81 crore during the same quarter in 2015-16. — PTI

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