ICICI Bank Reports 6-Fold Jump In Q2 Net Profit

On Saturday, ICICI Bank reported a standalone net profit of Rs 4,251 crore for the September-ended quarter, a six-fold jump when compared to its net profit of Rs 655 crore in the same period a year ago.

Total deposits of the bank grew by 20 percent to Rs 8,32,936 crore in the September-ended quarter with 17 percent growth in average current and savings account (CASA) deposits. Term deposits rose by 26 percent from last year.

Net interest income (NII) of the private lender rose 16.2 percent during the July-September period, up 16.2 percent at Rs 9,366.1 crore from Rs 8,057.4 crore a year ago.

ICICI Bank's gross NPA (non-performing assets) stood at 5.2 percent when compared to 5.5 percent from the previous quarter while net NPAs were at 1 percent against 1.2 percent in the December-ended quarter.

Domestic loans grew by 10 percent from September 2019 and 4 percent from the previous quarter. Retail loans grew by 13 percent in the September-ended quarter from a year ago and 6 percent from the previous quarter.

The private lender's provision coverage ratio increased from 78.6 percent at the end of June to 81.5 percent as on 30 September 2020.

ICICI Bank's COVID-19-related provisions stood at Rs 8,772 crore at the end of September.

"During Q1-2021, the Bank made an additional Covid-19 related provision amounting to Rs 5,550.00 crore and held a total of Rs 8.275.00 crore of such provisions at June 30, 2020. During Q2-2021, the Bank has made contingency provision amounting to Rs 497.30 crore for borrower accounts, which were not classified as non-performing pursuant to the interim order of the Supreme Court. During H1-2021, the Bank has not utilised Covid-19 related provision made in the earlier periods. Accordingly. the Bank held aggregate Covid-19 related provision of Rs 8,772 crore at September 30, 2020," the bank said.

Shares of ICICI Bank closed 1.6 percent lower at Rs 393.50 on BSE this week.