ICICI Bank posts loss of Rs 120 crore in Q1

New Delhi: ICICI Bank on Friday reported a loss of Rs 119.5 crore on standalone basis for the June quarter, on account of rise in bad loans.

The bank's net profit in the year-ago period stood at Rs 2,049 crore.

Total income was Rs 18,574.17 crore as against Rs 16,847.04 crore in April-June, 2017-18, the bank said in a statement.

Net profit on consolidated basis for the June quarter was a meagre Rs 4.93 crore, compared to Rs 2,604.73 crore a year ago.

There was a deterioration in bank's asset quality, with gross non-performing assets (NPAs) or bad loans widening to 8.81 percent of the gross advances as on June 30, 2018, compared to 7.99 percent by June last year.

There was a significant jump in provisioning and contingencies at Rs 5,971.29 crore for the reported quarter as against Rs 2,608.74 crore earlier.