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Thursday, December 2, 2021

ICICI Bank Q3 Results: Bank’s third quarter profit increased by 17%, earnings also increased

ICICI Bank said that consolidated net profit in the December quarter jumped 17.73 per cent to Rs 5,498.15 crore.

ICICI Bank Q3 Results: ICICI Bank reported on Saturday that consolidated net profit had jumped 17.73 per cent to Rs 5,498.15 crore in the December quarter. It was Rs 4,670.10 crore in the year-ago period. On a standalone basis, the country’s second largest private sector bank reported a post-tax profit of Rs 4,939.59 crore, up 19.12 percent in the quarter under review. It stood at Rs 4.146.46 crore in the October-December 2019 period.

Total expenditure reduced

The total income of the bank increased to Rs 24,416 crore from Rs 23,638 crore a year ago. While its total expenditure reduced to 15,596 crore, which was 16,089 crore a year ago.

The bank’s gross non-performing assets (NPA) ratio stood at 4.38 per cent. But it would have been at 5.42 per cent if the Supreme Court had not ruled that banks were asked not to qualify non-paying loan accounts as NPAs at the end of the loan repayment moratorium.

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Total provision increased

The total provisions of the bank increased to Rs 2,741 crore from Rs 2,083 crore in the year-ago period. But according to the exchange filing, this is less than the previous quarter’s Rs 2,995 crore. The statement said that as on December 30, 2020, the bank’s total provision related to COVID-19 stood at Rs 9,984.46 crore, including contingency provision of Rs 3,509.46 crore. It said that the provision with the bank is more as per the requirement of RBI and the position of capital and liquidity of the bank is strong.

This increased ICICI Bank’s net profit by more than six times in the last quarter to Rs 4,251 crore on a single basis. The bank had reported a net profit of Rs 655 crore in the same quarter of 2019-20. During the period under review, its operating income on a standalone basis was Rs 23,650.77 crore. It was Rs 22,759.52 crore in the same quarter last year.

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