ICICI Bank Profit Jumps 260% To Rs 4,403 Crore In March Quarter

ICICI Bank Q4 Results: The country's leading private sector bank reported a three-fold jump in net profit at Rs 4,402.61 on Saturday, marking a 260 per cent year-on-year growth in the March quarter

ICICI Bank Profit Jumps 260% To Rs 4,403 Crore In March Quarter

ICICI Bank Q4: The bank's total deposits grew 21 per cent year-on-year to Rs 932,522 crore

ICICI Bank Limited reported a 260 per cent growth - a three-fold jump in net profit to Rs 4,402.62 crore for the January-March quarter in the financial year 2020-21, compared to Rs 1,221.36 crore in the year-ago period. The country's leading private sector lender reported a growth of 17 per cent in net interest income to Rs 10,431 crore during the quarter. ICICI Bank posted a net profit of Rs 4,940 crore in the preceding October-December quarter of fiscal 2020-21.

ICICI Bank Q4 Results: Here's All You Need To Know

  1. 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, compared to Rs 7,148 crore in the year-ago period. (Also Read: ICICI Bank Q3 Results: October-December Net Profit Jumps 19% To Rs 4,940 Crore )

  2. 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.

  3. The total income stood at Rs 23,953 crore in the March quarter, compared to Rs 23,443 crore in the year-ago period. The net interest margin stood at 3.84 per cent in the March quarter, compared to 3.67 per cent in the preceding December quarter.

  4. 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 on the proforma basis at December 31, 2020, and 1.14 per cent at March 31, 2020. 

  5. 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.

  6. 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.

  7. The provisions, excluding provision for tax, stood at Rs 2,883 crore in the March quarter, compared to Rs 5,967 crore in the year-ago period.

  8. During the January-March quarter, ICICI Bank utilised the contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as the loans have now been classified, according to guidelines by the Reserve Bank of India.

  9. ICICI Bank's board has recommended a dividend of Rs 2 per share, in line with applicable guidelines, however, the declaration of dividend is subject to requisite approvals. The book closure dates will be announced at a later stage.

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