ICICI Bank reports its first ever quarterly loss

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According to a report released by Financial Express, ICICI Bank has reported its first quarterly loss in 16 years. As per the report, ICICI Bank recorded the highest non-performing assets amongst other private banks in the country, amounting to Rs.40.36 billion at the end of June 2018. The setback of its non-performing assets of Rs.40.36 billion in the quarter adds to its total tally of NPAs of Rs.534.65 billion.

ICICI Bank-Quarterly loss
ICICI Bank reports its first ever quarterly loss

Due to the high number of non-performing assets and their bond losses, for the first quarter of FY 2018-2019, ICICI Bank reported net losses amounting to Rs.1.2 billion. That said, ICICI Bank also reported a profit of Rs.20.49 billion in the same quarter.

According to a Thomson Reuter report, the gross NPA of total loans of ICICI Bank was 8.81% for the first quarter of FY 2018-2019, compared to a percentage of 7.99% the same quarter the previous financial year and 8.84% the previous quarter.

 

Source: Financial Express

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