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ICICI Bank’s Q1 standalone net loss at Rs 120 cr on higher provisioning (Lead)
Mumbai, July 27 (IANS) Private lender ICICI Bank on Friday reported a net loss of Rs 120 crore on a standalone basis for the first quarter of 2018-19 due to additional provisions on existing non-performing assets (NPAs).
The lender had reported a net profit of Rs 2,049 crore during the corresponding period of the previous financial year.
However, the banking major’s net interest income grew to Rs 6,102 crore during the quarter ended June 30, 2018 compared to Rs 5,590 crore in the corresponding period of the previous fiscal.
“Overall net interest margin of 3.19 per cent in Q1-2019 compared to 3.23 per cent in FY2018,” the banking major said in a statement.
As per the statement, the net NPA ratio decreased from 4.77 per cent at March 31, 2018 to 4.19 per cent at June 30, 2018.
“While the gross additions to NPA at Rs 4,036 crore were the lowest in the last 11 quarters, additional provisions on existing NPAs as per Reserve Bank of India (RBI) guidelines resulted in total provisions of Rs 5,971 crore and a net loss of Rs 120 crore in Q1-2019,” the bank said.
The bank’s gross additions to NPA were Rs 4,036 crore, whereas recoveries and upgrades from non-performing loans were Rs 2,036 crore.
“The provision coverage ratio on non-performing loans, including cumulative technical/prudential write-offs increased by 560 bps sequentially to 66.1 per cent at June 30, 2018, further strengthening the balance sheet,” the bank said.
The bank’s mark-to-market losses on the AFS (Available for Sale) and HFT (Held for Trading) portfolio aggregated to Rs 219 crore in the Q1.
“While RBI had allowed the banks to spread such provisioning for such mark-to-market losses over up to four quarters, the bank provided for such losses in Q1-2019 itself,” the statement said.
On a consolidated basis, the bank’s profit after tax plunged to Rs 5 crore ($1 million) in Q1-2019 compared to Rs 2,605 crore ($380 million) in Q1-2018.
“Consolidated assets grew by 12 per cent from Rs 984,702 crore at June 30, 2017 to Rs 1,098,790 crore at June 30, 2018,” the statement added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.