Due to the massive increase in bad loans, the most prominent private sector bank of India, ICICI Bank has reportedly incurred a huge loss to the tunes of Rs 119.5 crore in a standalone basis during the June quarter.
During the period before this year, ICICI bank’s net profit had been steady at a whopping Rs 2,049 crore. During this period, the Total income generated was Rs 18,574.17 crore while it was Rs 16,847.04 crore during the period of April-June 2017-18, as per the recent statement from ICICI bank.
For the June quarter, the Net profit
was a paltry Rs 4.93 crore, as opposed to the huge number of Rs 2,604.73 crore
last year. The bank's asset quality has been deteriorating Slowly and steadily,
as the gross non-performing assets / bad loans got increased to an unprecedented
ratio of 8.81 per cent of gross advances in June 2018, as opposed to
7.99 per cent in June 2017.
Cyclone Alert over west-central Bay of Bengal: IMD Accordingly a cyclone alert has been issued for the northern coastal region of the state of Andhra Pradesh with the Indian Meteorological Department predicting 'very heavy to extremely heavy' rains in the region. Meanwhile the IMD has stated that depression has formed over west-central Bay of Bengal which could intensify into a cyclonic storm.
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