ICICI Bank Q3 profit up 19pc to Rs6536 cr

BBN Bureau

MUMBAI/January 22-2022:  ICICI Bank, the second largest private sector bank in the country, has reported a consolidated profit of Rs6,536 crore for the quarter ended December 31, 2021, thus logging a growth of about 19 per cent compared with the profit the bank earned a year ago.

The bank said the better profitability was supported by a healthy net interest income (NII) and a lower provision for the quarter under review. The bank had posted a profit after tax (PAT) of Rs 5,498 crore in the third quarter, FY21.

Commenting on the performance, Sandeep Batra, the executive director of the bank said the bank witnessed an all-round growth during the quarter.

“We had an NII growth of 23 per cent and core operating profit also grew by 25 per cent. Our provisions declined by 27 per cent,” Batra added.

The total income for the bank was lower at Rs39,865.80 crore in the third quarter of the current year compared with Rs40,419.08 crore in the same quarter a year ago, according to a regulatory filing made by the bank on Saturday.

On a standalone basis, the profit after tax grew 25 per cent to Rs6,194 crore in the third quarter of the current year compared with Rs4,940 crore in the same quarter a year earlier. The standalone total income increased to Rs27,069.67 crore from Rs24,416 crore the bank generated a year ago.

Likewise, the net interest income (NII) improved by 23 per cent year-on-year to Rs12,236 crore compared with Rs9,912 crore. There has been a modest growth of 7.90 per cent in the net interest margin (NIM) during the quarter to 3.96 per cent compared with 3.67 per cent a year ago.

The bank said the fee income grew by 19 per cent year-on-year to Rs4,291 crore from Rs3,601 crore in the same period in the previous year.

Treasury income witnessed a sharp decline from Rs766 crore to Rs88 crore during the quarter under review, thanks to the fact that the Q3 treasury income a year ago included a gain of Rs329 crore from the sale of shares of ICICI Securities, according to the bank.

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