Private sector lender ICICI Bank on Saturday reported a 59 per cent leap in standalone web revenue to Rs 7,019 crore for the fourth quarter of FY2021-22.
The financial institution had earned a revenue of Rs 4,403 crore within the corresponding January-March quarter of the final yr.
The complete revenue of the financial institution rose to Rs 27,412 crore within the January-March interval from Rs 23,953 crore within the year-ago quarter, ICICI Bank mentioned in a regulatory submitting.
Net curiosity revenue (NII) elevated by 21 per cent to Rs 12,605 crore from Rs 10,431 crore in the identical quarter a yr in the past, it mentioned.
On a consolidated foundation, ICICI Bank Group web revenue jumped by 58 per cent to Rs 7,719 crore within the March quarter from Rs 4,886 crore within the final quarter of 2020-21.
The financial institution’s asset high quality improved because the gross non-performing property fell to three.60 per cent of the gross advances as of March 31, 2022, from 4.96 per cent within the corresponding interval a yr in the past.
The web NPAs additionally declined to 0.76 per cent from 1.14 per cent on the finish of the fourth quarter of the earlier monetary yr.
As a outcome, provisions apart from tax and contingencies for the quarter declined to Rs 1,069 crore, from Rs 2,883 crore a yr earlier.
Provision Coverage Ratio (PCR) as on the finish of third-quarter stood at 79.2 per cent, it mentioned.
The board really useful a dividend of Rs 5 per fairness share of face worth of Rs 2 every, topic to requisite approvals, it mentioned.
The web curiosity margin was 4 per cent in fourth quarter in comparison with 3.84 per cent in similar quarter a yr in the past.
For all the monetary yr 2021-22, the revenue grew by 44 per cent to Rs 23,339 crore from Rs 16,193 crore within the yr ended March 31, 2021.
The financial institution’s complete capital adequacy at March 31, 2022 was 19.16 per cent and Tier-1 capital adequacy was 18.35 per cent in comparison with the minimal regulatory necessities of 11.70 per cent and 9.70 per cent respectively, it mentioned.
The financial institution authorized the appointment of Rakesh Jha as a wholetime director (designated as Executive Director) topic to regulatory approvals for a interval of 5 years efficient from May 1, 2022 or the date of approval of his appointment by RBI, it mentioned.
Jha was designated the Deputy Chief Financial Officer of ICICI Bank in May 2007 and Chief Financial Officer in October 2013. Currently, Rakesh is the Group Chief Financial Officer of ICICI Bank.
The Board additionally took on file the resignation of Vishakha Mulye, Executive Director with impact from May 31, 2022, consequent to her choice to pursue profession alternatives exterior the ICICI Group, it mentioned.
Source: www.financialexpress.com”