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ICICI Bank reported a 25.4 per cent jump in its standalone net profit to ₹ 6,193.81 crore in the third quarter of the fiscal, led by buoyant growth in its net interest income. This is the bank’s highest-ever quarterly net profit.
The private sector lender had posted a net profit of ₹4,939.59 crore in the corresponding quarter last fiscal. Net interest income increased by 23 per cent year-on-year to ₹12,236 crore in the quarter ended December 31, 2021 from ₹9,912 crore a year ago. The net interest margin was at 3.96 per cent in the third quarter of 2021-22 compared to 3.67 per cent a year ago and 4 per cent in the quarter ended September 30, 2021. Non-interest income, excluding treasury income, increased by 25 per cent year-on-year to ₹4,899 crore in the third quarter this fiscal from ₹3,921 crore a year ago.
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ICICI Sec net profit up 42 pc on strong biz growth
Company added 6.8 lakh clients in Q3 aloneProvisions declined by 27 per cent to ₹2,007 crore in the October to December 2021 quarter from ̥2,742 crore in the same period last fiscal. Asset quality remained stable.
Gross non-performing assets stood at 4.32 per cent of gross advances as on December 31, 2021 compared to 4.72 per cent a year ago.
Net NPAs at 0.9%
Net NPAs were at0.9 per cent of net advances as on December 31, 2021 versus 0.69 per cent as on December 31, 2020. “During the third quarter of 2021-22, there were net deletions from gross NPAs of ₹191 crore, excluding write-offs and sale, compared to net additions of ₹96 crore in the second quarter,” ICICI Bank said in a statement on Saturday. Recoveries and upgrades of NPAs, excluding write-offs and sale, were ₹4,209 crore in the third quarter while the gross NPAs written-off in the period was ₹4,088 crore.
Sandeep Batra, Executive Director, ICICI Bank, said that total advances increased by 16 per cent year-on-year to ₹8,13,992 crore as on December 31, 2021. Total deposits increased by 16 per cent year-on-year to ₹10,17,467 crore as on December 31, 2021. Total capital adequacy ratio was 19.79 per cent and Tier-1 capital adequacy ratio was 18.81 per cent on a standalone basis at December 31, 2021. The bank’s board in its meeting on Saturday also appointed Vibha Paul Rishi as an Additional (Independent) Director for five years with effect from January 23, , subject to the approval of shareholders.
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