BANK NEWS
ICICI Bank provision for bad loan rises due to COVID-19
New Delhi: ICICI reported on Saturday that its estimates over quarterly profit missed and strike in provision for bad loans due to COVID-19 pandemic.
On June 30 the net profit of the bank was 25.99 billion rupees ($347.69 million) compared with a profit of 19.08 billion rupees ($255.25 million) in the same period a year ago, the bank said in a regulatory filing. While the bank’s quarterly provisions jumped from 34.96 billion rupees to 75.94 billion rupees a year ago.
ICICI said in a statement that the provisions made during the quarter were “to completely cushion the balance sheet from the impact of COVID-19”
The assets quality of Indian banks hit due to the COVID-19 pandemic situation and lead to a decrease in India’s economic stability. Recently RBI also gives its report over the financial stability of markets which shows a high-stress burst on the banking system. The central bank also warned that the bad loans can rise 15 percent till March 2021.
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