ICICI Bank has reported a profit after tax of INR 2599 cr for the quarter ended June 30, 2020, witnessing a 36% rise from last year’s net profit of INR 1908 cr.
The private lender also saw a promising 15% year-on-year rise in its core operating profit (profit before tax and provisions, excluding treasure income) to INR 7014 cr in Q1-2021 from INR 6110 cr in Q1-2020. Interestingly, while the interest on income tax refund was INR 24 cr in Q1-2021, it had amounted to INR 184 cr in Q1-2020. Thus, one can say that the core operating profit essentially grew by 18% YoY, excluding the interest on income tax refund.
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