• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, June 25, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

ICICI Bank’s Quarter 2 net profit jumps 6 times to Rs. 4,251Cr

by Chhavideep Singh
November 1, 2020
in Business
Reading Time: 2 mins read
0
ICICI Bank’s Quarter 2 net profit jumps 6 times to Rs. 4,251Cr
TwitterWhatsappLinkedin

Industrial Credit and Investment Corporation of India abbreviated as ICICI Bank is a multinational banking and finance company based out of India with a total revenue of Rs. 1,300 crores.

You might also like

CCI Clears Alpha Wave Global and IHC’s Minority Stake in Haldiram Snacks Food

Amazon’s $54 Billion UK Expansion Earns PM Starmer’s Endorsement

Cognizant to Create 8,000 Jobs with New 50-Acre IT Campus in Andhra Pradesh

Recently, ICICI Bank Limited recorded a six times jump in their net profit from last year to Rs. 4,521 crore for their Quarter 2 period that ended in September 2020. When compared to the company’s revenue recorded last year in Quarter 2 which ended in September 2019, the net profit was worth Rs. 655 crore.

Credits: https://rb.gy/qvrrhh

It is significant information to note that these phenomenal numbers achieved by ICICI bank were their total standalone income of July to September which is termed as Quarter 2 in the banking business.

ICICI bank spokesperson mentioned during a regulatory filing that the company earned a total income of Rs. 23,650 crore this year in 2020 and 22, 759 crore during the same time in the last fiscal year of 2019.

The bank is said to be doing fairly well compared to its competitors in the market. There was an overall improvement witnessed on the asset front of the business. The banking company recorded gross Non-Performing Assets (NPAs) reducing to roughly 5% of total gross advances earned by the bank in Quarter 2 that ended on September 30 this year.

An improvement in net Non-Performing Assets was recorded as they fell from 1.60% in 2019 to 1% in 2020. In valuation, the NPAs were reduced from Rs. 10,900 crore to below Rs. 7,200 crore.

When considered on consolidation, the multinational financial banking service provider’s net profit increased four-fold at Rs. 4,882 crore in Quarter 2 of Financial Year 2021 as compared to Rs. 1,132 Crore in Financial Year 2020.

According to analysts, it said in the regulatory filing that the consolidated profit recorded in Financial Year20 after-tax payment had one-time additional fees because of re-measurement of deferred tax assets that were accumulated at revised marginal tax value. An approximate value on return after equity was round about 14% in Quarter 2 of Financial Year21.

Credits: https://rb.gy/zmkvph

The total consolidated income jumped significantly from Rs. 37,420 crore during second-quarter of 2019 to Rs. 39,330 crore of the same quarter in Financial Year 2020.

Comparing contingencies and bad loans as total provisions also witnessed a hike as compared to last year, jumping from Rs. 2,500 Crore in Q2 of 2019 to Rs. 2,998 crore in Q2 of 2020.

By the end of Q2 in September, the banking company held Corona Virus related provisions of Rs. 8,800 crore, as mentioned by a financial expert on regulatory filings.

Tags: ICICI Bank
Tweet54SendShare15
Previous Post

Narendra Modi’s “Atmanirbhar” campaign drives Atmanirbhar apps launched by Mitron

Next Post

Laptops with Intel’s integrated Iris Xe Max graphics available

Chhavideep Singh

Hi! I'm Chhavideep, If you like reading about technology, business and start-ups, you've come to the right place. Catch me: [email protected]

Recommended For You

CCI Clears Alpha Wave Global and IHC’s Minority Stake in Haldiram Snacks Food

by Rounak Majumdar
June 24, 2025
0
CCI Clears Alpha Wave Global and IHC’s Minority Stake in Haldiram Snacks Food

The Competition Commission of India (CCI) has officially approved the acquisition of a minority stake in Haldiram Snacks Food Private Limited by Alpha Wave Global, a US-based private...

Read more

Amazon’s $54 Billion UK Expansion Earns PM Starmer’s Endorsement

by Rounak Majumdar
June 24, 2025
0
Amazon’s $54 Billion UK Expansion Earns PM Starmer’s Endorsement

Amazon has unveiled an ambitious plan to invest $54 billion (£40 billion) in the United Kingdom over the next three years, marking one of the company’s largest international...

Read more

Cognizant to Create 8,000 Jobs with New 50-Acre IT Campus in Andhra Pradesh

by Rounak Majumdar
June 24, 2025
0
Cognizant to Create 8,000 Jobs with New 50-Acre IT Campus in Andhra Pradesh

Cognizant Technology Solutions, a global leader in IT services, is making headlines with its latest investment in Andhra Pradesh. The company has been allotted a 50-acre plot at...

Read more
Next Post
Laptops with Intel’s integrated Iris Xe Max graphics available

Laptops with Intel's integrated Iris Xe Max graphics available

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?