ICICI Bank posts strong quarter results amid COVID pandemic; 'Covid-19 Provisions to the tune of INR 5550 crores will cushion Balance Sheet,' said Sandeep Batra, President, ICICI Bank
1. The bank saw its profits after tax grow by 36% year-on-year to INR 2,599 crore, a rise from INR 1,908 crore in the quarter ended June 30, 2019.
2. There was a year-on-year increase by 15% in core operating profit (profit before provisions and tax, but excluding treasury income), to INR 7,014 crore in Q1-2021. This is a rise from INR 6,110 in Q1-2020.
3. There was a 20% spike in Net Interest Income year-on-year, to INR 9,280 in this quarter. This is an increase from INR 7,737 crore in Q1-2020.
4. The bank experienced a 42% year-on-year decline in provisions, however this is excluding provisions related to COVID-19 and provisions for tax.
5. Speaking of provisions related to the coronavirus, ICICI Bank President Sandeep Batra explained, “Additional Covid-19 provisions of INR 5,550 crore were made on a
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