ICICI Bank posts loss of Rs 120 crore in Q1 owing to rising bad loans

ICICI Bank today reported a loss of Rs 119.5 crore on standalone basis for the June quarter, on account of rise in bad loans. The bank's net profit in the year-ago period stood at Rs 2,049 crore.

Total income was Rs 18,574.17 crore as against Rs 16,847.04 crore in April-June, 2017-18, the bank said in a statement. Net profit on consolidated basis for the June quarter was a meagre Rs 4.93 crore, compared to Rs 2,604.73 crore a year ago.

There was a deterioration in bank's asset quality, with gross non-performing assets (NPAs) or bad loans widening to 8.81 per cent of the gross advances as on June 30, 2018, compared to 7.99 per cent by June last year. There was a significant jump in provisioning and contingencies at Rs 5,971.29 crore for the reported quarter as against Rs 2,608.74 crore earlier.