ICICI Bank Q1 net profit up 12% to Rs 2,976 crore

Private sector lender ICICI Bank reported a 12 per cent rise in its June quarter net profit to Rs 2,976 crore.

Consolidated profit after tax for the company increased by 14 per cent to Rs 3,232 crore in Q1-2016 from Rs 2,832 crore in Q1 -2015.

Net interest income increased 14 per cent to Rs 5,115 crore  in Q 1-2016 from Rs 4, 492 crore  in Q1-2015.

Provisions stood at Rs 956 crore in Q1-2016 compared to Rs 1,344 crore in  Q4 -2015  and Rs 726 crore in Q1 -2015.

Total deposits of the banks increased by 10 per cent year-on-year to Rs 367, 877 crore.

On June 30, 2015, the bank had a network of 4,052 branches and 12, 811 ATMs.

Net non-performing assets of the bank stood at Rs 6,402 crore compared to Rs 6,325 crore at March 31,2015. The net non-performing asset ratio was 1.40  per cent at June 30, 2015, the same level as at March 31, 2015.

The shares of the bank closed at Rs 302.50 apiece, up by 11.55 points or 3.97 per cent on Friday.