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

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