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ICICI Bank Reports 19% Rise In Q3FY21 Net Profit; Asset Quality Improves

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On Saturday, the private sector lender ICICI Bank reported 19% rise in net profit at Rs. 4940 crore for Q3FY21. In the same quarter last year, net profit figure stood at Rs. 4146 crore. Income at the bank also rose 3% to Rs. 24,416 crore in comparison to Rs. 23,638 crore in the corresponding period a year-ago.

 
ICICI Bank Reports 19% Rise In Q3FY21 Net Profit; Asset Quality Improves

Deposits also spiked year-on-year by 22% to Rs. 8,74,348 crore during the period under review. Term deposits logged growth of 26% year-on-year. There was logged 19% growth in average current and savings account (CASA) deposits and average CASA ratio was 41.8% in Q3FY21.

NIM or net interest margin a key metric to know profitability situation also recorded a growth of 10 basis points to 3.67 percent on a sequential basis. NII i.e. the difference between the interest earned and interest expended also surged 16 percent year-on-year to Rs. 9912 crore. Meanwhile, provisions at the bank also surged 31.6% y-o-y to Rs. 2742 crore

The gross NPAs were at 4.38% but would be 5.42% if not for the Supreme Court direction that has asked banks not to classify non-paying loan accounts as NPAs after the end of the loan moratorium.

As per the exchange filing, the provisions of the bank increased to Rs. 2741 crore which during the year ago period was at Rs. 2083 crore, but is lower when compared to the previous month's of Rs. 2995 crore. The bank post the Supreme Court order took to contingency provisioning of Rs. 3012 crore and made use of the Rs. 1800 crore of the Rs. 8772 crore in provisions made for the pandemic earlier.

The bank's total Covid 19 related provision amounts to Rs. 9984.46 crore as at the end of December 31, 2020 and includes contingency provision that amounts to Rs. 3,509.46 crore. Further the bank iterated that its liquidity and capital position remains strong while the provisions held by it are more than the stipulated requirement of the RBI.

 

"The continued pickup in economic activity and tailwinds from the festive season combined with the Bank's digital initiatives and extensive franchise reflected in an increase in disbursements across retail products during Q3FY21," said the lender.

GoodReturns.in

Read more about: icici bank
Story first published: Saturday, January 30, 2021, 16:50 [IST]
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