ICICI bank q1 net up by 21%

ICICI Bank, India’s largest private sector lender recorded a standalone net profit of Rs 878 crore as on June 30 rising 21 per cent from Rs 728 crore in the corresponding quarter last year.

ICICI Bank, India’s largest private sector lender recorded a standalone net profit of Rs 878 crore as on June 30 rising 21 per cent from Rs 728 crore in the corresponding quarter last year.

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Also, a sharp reduction in losses of ICICI Prudential Life Insurance Company (ICICI Life) along with the higher net standalone profit of ICICI Bank have seen a consolidated net profit of 68 per cent rising from Rs 617 crore in the quarter ended

June 30, 2008 to Rs 1,035 crore in the quarter ended June 30, 2009.

The net non-performing asset ratio showed a sequential rise from 1.96 per cent as on March 31, 2009 to 2.19 per cent at the end of the first quarter of this financial year.