ICICI Bank on Saturday reported a wise 59% year-on-year bounce in internet earnings for the three months to March at Rs 7,019 crore, helped by a giant 63% y-o-y fall in provisions.
The numbers have been forward of analysts’ estimates. With this, the personal sector lender ends FY22 on a robust observe, having posted a revenue after tax of Rs 23,339 crore for the yr, a rise of 44%.
The financial institution’s core working revenue (revenue earlier than provisions and tax, excluding treasury earnings) elevated by a extra modest 19% y-o-y to Rs 10,164 crore in Q4FY22. Excluding the dividends from subsidiaries and associates, the rise within the pre-provisioning earnings was 21% y-o-y.
The lender’s profitability improved throughout the quarter and the web curiosity margin (nim) got here in at 4% higher than the three.96% reported within the December 2021 quarter. On the again of a very good progress within the home mortgage e-book of 17% y-o-y, the financial institution’s internet curiosity earnings for the quarter was up a robust 21% y-o-y at Rs 12,605 crore.
The financial institution’s asset high quality confirmed an enchancment with the web NPA (non-performing belongings) ratio declining to 0.76% on the finish of March from 0.85% on the finish of December 2021 and 1.14% in March 2021. The gross NPA stood at 3.60% in Q4FY22 versus 4.96% in Q4FY21 and 4.13% in Q3FY22. The provisions (excluding provision for tax) declined by 63% y–o-y to Rs 1,069 crore.
The provision protection ratio on non-performing belongings was 79.2% at March 31. The financial institution is well-capitalised with the entire capital adequacy on the finish of March at 19.16% and Tier-1 capital adequacy of 18.35%. ICICI Bank’s complete deposits grew by 14% y-o-y to Rs 10,64,572 crore on the finish of March and the typical CASA ratio for Q4FY22 was 45%.
The worth of cell banking transactions elevated by 30% y-o-y to Rs 477,228 crore throughout the March quarter. Digital channels together with web, cell banking, PoS and others accounted for over 90% of the financial savings account transactions in FY2022.The worth of bank card spends grew by 77% y-o-y.
ICICI Bank on Saturday acquired the board of administrators’ approval for fundraising to the tune of `25,000 crore within the present monetary yr FY23 by the issuance of debt securities.