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IBN - ICICI Bank stake sale gain props up profit to ?25.99B COVID provision ?55.5B
ICICI Bank Limited
ICICI Bank (NYSE:IBN): Q1 net profit of ?25.99B (+36% Y/Y) fell way short of ?33B. Stake sale in ICICI Lombard and ICICI Prudential Life boosted net profit by ?30.36B, while COVID-19 provision impacted net profit by ?55.50B.
Net interest income jumped 20% Y/Y to ?92.8B as NIM was up 8 bps reflecting the higher liquidity amid 21% Y/Y increase in total deposits to ?8,016.22B and limited credit demand due to the lockdown.
Covid-19 related provisions totaled ?82.75B crore as of June 30, including ?27.25B in the prior quarter.
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