ICICI Bank Net Profit Jumps 260% To Rs 4,403 Crore In March Quarter, Net Interest Income Rises 17%

ICICI Bank’s core operating profit – the profit before provisions and taxes, grew 20 per cent year-on-year to Rs 8,565 crore in the fourth quarter of the financial year 2020-21 (AlsoRead: ICICI Bank Q3 Results: October-December Net Profit Jumps 19% To Rs 4,940 Crore )

The private sector bank’s net interest income (NII) – or the difference between interest earned and interest paid, in the fourth quarter grew 17 per cent on year to Rs 10,431 crore, compared to Rs 8,927 crore in the year-ago period.

The net interest margin, a key measure of profitability, was 3.84 per cent in the March quarter, compared to 3.67 per cent in the preceding October-December quarter of fiscal 2020-21.

The bank’s net non-performing asset or NPA ratio declined to 1.14 per cent at March 31, 2021, compared to 1.26 per cent not the proforma basis at December 31, 2020, and 1.14 per cent at March 31, 2020. 

ICICI Bank said that it made additional COVID-19 related provisions of Rs 1,000 crore in the January-March quarter and held pandemic related provisions of  Rs 7,475 crore at March 31, 2021.

The bank’s total deposits grew 21 per cent year-on-year to Rs 932,522 crore. The domestic loans grew 18 per cent, while retail loans grew 20 per cent year-on-year.

On Friday, April 23, shares of ICICI Bank settled 1.57 per cent lower at Rs 570.05 apiece on the BSE.