By P.R. Venkat

ICICI Bank Ltd.'s first-quarter net profit rose 24% from a year earlier, mainly supported by higher treasury income and divestment gains.

Net profit for the quarter ended June was $413 million, one of India's largest private sector banks said Saturday.

Treasury income during the first quarter was $498 million compared with $24 million a year ago.

During the quarter, the bank sold some of its stake in its general and life insurance joint ventures, which saw ICICI Bank aggregating gains worth $402 million.

ICICI Bank said it has made additional provisioning of $735 million to cushion the impact of Covid-19. 



  Write to P.R. Venkat at venkat.pr@wsj.com