ICICI Bank Net Profit Jumps 19% To Rs 4,940 Crore In December Quarter, Retail, Domestic Loans Grew
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ICICI Bank Q3: Total deposits grew by 22 per cent year-on-year to Rs 874,348 crore, the bank said
ICICI Bank Limited reported a 19 per cent growth in net profit to Rs 4,940 crore for the October-December quarter in the current financial year, as compared to Rs 4,146 crore in the year-ago period. The private sector lender reported growth in domestic and retail loans amid strong credit demand in the third quarter.
ICICI Bank Q3 Results: Here’s All You Need To Know
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ICICI Bank’s core operating profit – the profit before provisions and taxes, grew by 15 per cent year-on-year to Rs 8,054 crore in the third quarter of the financial year. (Also Read: ICICI Bank July-September Profit Jumps Over Six Times To ₹ 4,251 Crore )
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The private lender’s net interest income (NII) – or the difference between interest earned and interest paid, in the third quarter grew 16 per cent on year to Rs 9,912 crore
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The net interest margin, key measure profitability, was 3.67 per cent in the December quarter as compared to 3.57 per cent in the second quarter of the financial year
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The net non-performing asset (NPA) ratio was 0.63 per cent in the October-December quarter. The bank said that, not accounting for the Supreme Court’s order on recognition of bad loans, the net NPA ratio would have been at 1.26 per cent, instead of 1.12 per cent in the previous quarter of the financial year
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ICICI Bank said that by the end of the third quarter, it held COVID-19 related provisions worth Rs 9,984 crore, including contingency provision for proforma NPAs amounting to Rs 3,509 crore, amid the Supreme Court’s interim order.
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