ICICI Bank December Quarter Profit Soars 158% To Rs 4,146 Crore

Gross NPAs for the quarter fell to 5.95 per cent from 6.37 per cent in September quarter and 7.75 per cent in the corresponding quarter last year.

ICICI Bank December Quarter Profit Soars 158% To Rs 4,146 Crore

The country's second largest private sector lender ICICI Bank reported a 158 per cent growth in net profit to Rs 4,146 crore for the third quarter ended December 31 on the back of improvement in asset quality and decline in provisioning. The bank's net profit was Rs 1,604 crore in the corresponding quarter last year, according to a regulatory filing by the private sector lender.

There was an improvement in asset quality; gross NPAs as a percentage of total assets for the quarter fell to 5.95 per cent from 6.37 per cent in September quarter and 7.75 per cent in the corresponding quarter last year. 

The bank made provisions and contingencies for Rs 2083.20 crore, compared to Rs 4,244 crore in the year-ago quarter, which amounts to a decline of 51 per cent over. The recoveries, upgrades and other deletions, excluding write-offs, stood at Rs 4,088 crore for the quarter, the bank said. 

The bank's net interest income (NII) rose by 24 per cent to Rs 8,545 crore in the third quarter from Rs 6,875 crore in the same quarter of the previous year. Net interest margin (NIM) came in at 3.77 per cent against 3.40 per cent in the year-ago quarter.

Other income (non-interest income) increased 17.8 percent to Rs 4,573.98 crore and pre-provision operating profit rose by 22.8 percent to Rs 7,548.63 crore compared to corresponding quarter of the last fiscal.

The bank's total capital adequacy as per Reserve Bank of India's guidelines on Basel III norms was 16.50 per cent and Tier-1 capital adequacy was 14.98 per cent as of December 2019 compared to minimum regulatory requirements of 11.08 per cent and 9.08 per cent respectively.

ICICI Bank shares had ended 1 per cent higher at Rs 531 on the Bombay Stock Exchange on Friday vis-a-vis 0.5 per cent rise in the benchmark BSE index, ahead of the earnings announcement.

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