ICICI's huge loss in first quarter!
Due to the massive increase in bad loans, the most prominent private sector bank of India, ICICI Bank has reportedly incurred a huge loss to the tunes of Rs 119.5 crore in a standalone basis during the June quarter.
During the period before this year, ICICI bank’s net profit had been steady at a whopping Rs 2,049 crore. During this period, the Total income generated was Rs 18,574.17 crore while it was Rs 16,847.04 crore during the period of April-June 2017-18, as per the recent statement from ICICI bank.
For the June quarter, the Net profit
was a paltry Rs 4.93 crore, as opposed to the huge number of Rs 2,604.73 crore
last year. The bank's asset quality has been deteriorating Slowly and steadily,
as the gross non-performing assets / bad loans got increased to an unprecedented
ratio of 8.81 per cent of gross advances in June 2018, as opposed to
7.99 per cent in June 2017.