ICICI Bank Q1 net down by 6.1 pc

Mumbai, July 26 (UNI) India's largest private sector lender ICICI Bank has reported a 6.1 per cent fall in its net profit for the first quarter of the current fiscal, due to investment losses and slow down in credit growth.

The net profit in April-June dropped to Rs 728 crore from Rs 775 crore in the corresponding quarter a year ago.

The earnings of the bank were hit badly on sharp increase in interest rates and adverse market conditions during the quarter that had a negative impact of Rs 594 crore on the bank's trading portfolio, Statutory Liquidity Ratio (SLR) securities portfolio and its treasury income, the Bank said here.

However, its Net Interest Income (NII) grew by 25 per cent at Rs 2,083.8 crore against Rs 1663.4 crore during the same period in the last fiscal, whereas fee income was up by 37 per cent at Rs 1,958 crore against 1,428 crore.

Capital Adequacy Ratio (CAR) was at 13.42 per cent against 11.03 per cent on quarter-on-quarter basis.

UNI PP RN VKG1410