ICICI Bank Q3 profit surges 158 pc to Rs4146cr

MUMBAI: The largest private sector bank in India in terms of assets, ICICI Bank Ltd, on Saturday reported a 158 per cent year-on-year growth in net profit as its stand-alone net profit jumped from Rs1605 crore to Rs4146 crore for the three-month period ending December 31, 2019.

While the bank’s bad loan recoveries and upgrades during the said period amounted to Rs4,088 crore, provisions fell by 51 per cent to Rs2,083 crore compared with Rs4,244 crore during the same period last year.

The bottom line was boosted by the one-time gain from Essar Steel resolution, which led to lower provisions. Overall asset quality saw an improvement this quarter. Gross non-performing assets (NPAs) as a percentage of total assets stood at 5.95 per cent as of the end of Q3, FY20, compared with 7.75 per cent during the same period last year, and 6.37 per cent in the second quarter of FY20.

Fresh addition to non-performing assets stood at Rs4,363 crore during the quarter ending December 31, 2019 as against Rs2,482 crore in the previous quarter.

The net interest income (NII) for the quarter saw an increase of 24 per cent year on year to Rs8,545 crore as compared with Rs6,875 crore in the year-ago quarter. While the overall advances grew by 16 per cent, the retail loan portfolio expanded 19 per cent compared with the same period last year.

Fee income rose 17 per cent on an annual basis to Rs3,596 crore with retail fees constituting 77 per cent of total fees, the bank said in a press statement issued on Saturday. Treasury income also improved by 11 per cent during the quarter under review to Rs531 crore from Rs479 crore a year ago.

 

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