ICICI Bank Q3 results: Net profit rises 19% to Rs 4,940 cr; loan book swells on strong credit demand

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ICICI Bank Q3 results: Net profit rises 19% to Rs 4,940 cr; loan book swells on strong credit demand


MUMBAI: ICICI Bank today reported a 19.1 per cent year-on-year growth in net profit for the December quarter to Rs. 4,939.6 crore, which was sharply higher than analysts’ estimate of Rs. 4,360 crore.

The lender’s net interest income in the quarter grew 16 per cent on year to Rs. 9,912 crore, which was also higher than analysts’ estimate.

The lender’s net non-performing assets (NPAs) ratio stood at 0.63 per cent in the quarter ended December as against 1.00 per cent a quarter ago. However, not accounting for the Supreme Court’s standstill on recognition of bad loans, the lender’s net NPA ratio would have been at 1.26 per cent as against 1.12 per cent in previous quarter.

ICICI Bank said that by the end of the December quarter it held Covid-19 related provisions worth Rs. 9,984 crore. The lender’s provision coverage ratio on a proforma basis stood at 77.6 per cent.

Provisions were at Rs. 2,742 crore in the December quarter as compared to Rs. 2,083 crore in the year-ago quarter.

ICICI Bank reported a strong performance in its loan book as domestic loans grew 13 per cent on a year-on-year basis in the December quarter. At the same time, retail loans climbed 15 per year-on-year reflecting strong demand for consumer credit in the economy.

The lender’s total deposits in the quarter jumped 22 per cent on-year to Rs. 8.74 lakh crore with term deposits rising 26 per cent.

The lender’s pre-provision operating profit in the quarter rose 15 per cent from the corresponding quarter a year ago to Rs. 8,054 crore.

Shares of one of India’s largest private sector banks had ended 1.7 per cent higher at Rs. 537 on the NSE.





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