ICICI Bank's Net Profit Soars 158% to Rs 4,146 crore In December Quarter
The country's largest private sector lender ICICI Bank reported a 158.32 per cent growth in net profit to Rs 4,146 crore for the quarter ended December 31. Its net profit was Rs 1,604 crore in the corresponding quarter last year, according to a regulatory filing by the private sector lender.
The bank's net interest income (NII) increased 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 last fiscal.
The bank made Rs 2083.20 crore in provisions and contingencies, 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 writeoffs, stood at Rs 4,088 crore for the quarter, the bank said.
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 correponding quarter last year.
Total deposits increased by 18% year-on-year to Rs 716,345 crore at December 31, 2019. Average current and savings account (CASA) deposits increased by 15% year-on-year in Q3-2020.
The bank's total capital adequacy as per Reserve Bank of India's guidelines on Basel III norms was 16.50% and Tier-1 capital adequacy was 14.98% at December 31, 2019 compared to the minimum regulatory requirements of 11.08% and 9.08% respectively.
ICICI Bank shares ended 1 per cent higher at Rs 531 on the Bombay Stock Exchange vis-a-vis 0.5 per cent rise in the benchmark BSE index on Friday, ahead of the earnings announcement.