This Article is From Jan 30, 2021

ICICI Bank Q3 Results: October-December Net Profit Jumps 19% To Rs 4,940 Crore

ICICI Bank Q3 Results: Amid strong credit growth, ICICI bank retail and domestic loans grew by 13 per cent and 15 per cent respectively on a year-on-year basis in the third quarter.

ICICI Bank Q3 Results: October-December Net Profit Jumps 19% To Rs 4,940 Crore

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 posted a net profit of Rs 4,251 crore in the second quarter of the current financial year.

ICICI Bank Q3 Results: Here's All You Need To Know

  1. 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 )

  2. 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

  3. 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

  4. 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

  5. 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.

  6. The bank's total deposits grew 22 per cent year-on-year to Rs 874,348 crore. Domestic loans grew 13 per cent, while retail loans grew 15 per cent, year-on-year

  7. The bank said that continued pickup in economic activity and tailwinds from the festive season, along with the digital initiatives reflected in an increase in disbursements across retail products during the third quarter

  8. The provisions were at Rs 2,742 crore in the October-December quarter, as compared to Rs 2,083 crore in the year-ago period

  9. During the quarter, the gross additions to NPAs were Rs 471 crore, as well as recoveries and upgrades, excluding write-offs, from non-performing loans were Rs 1,776 crore

  10. On Friday, January 29, shares of ICICI Bank settled 1.68 per cent higher at Rs 537.00 apiece on the BSE.