ICICI Bank Q3 consolidated profit rises nearly 19% to Rs 6,536 cr
ICICI Bank on Saturday reported an 18.8 per cent jump in its December quarter consolidated net profit to Rs 6,536.55 crore, aided by growth in interest income and decline in provisions.
The country's second largest private sector lender by assets had posted a consolidated net profit of Rs 5,498.15 crore in the same quarter of the previous fiscal.
However, total income was lower at Rs 39,865.80 crore in the third quarter this fiscal compared to Rs 40,419.08 crore in the same quarter a year ago, according to a regulatory filing.
On a standalone basis, the bank recorded a 25 per cent rise in the post-tax profit to Rs 6,194 crore for the quarter, up from Rs 4,939.59 crore in the October-December 2020. Total income on standalone basis increased to Rs 27,069.67 crore from Rs 24,416 crore in the year-ago period. At the same time, net interest income (NII) increased by 23 per cent year-on-year to Rs 12,236 crore from Rs 9,912 crore in the same quarter in the previous financial year, it said.
The bank reported improvement in gross non-performing assets (NPAs) ratio at 4.13 per cent from 4.38 per cent at the end of the third quarter of the previous year.
Net NPA ratio was at 0.85 per cent in the third quarter of current fiscal against 0.63 per cent in the third quarter of FY'21.
Provisions other than tax and contingencies slipped to Rs 2,007.30 crore from the year-ago period's Rs 2,741 crore. Provision coverage ratio was 79.9 per cent at December 31, 2021, it said.
''Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 4,209 crore in Q3-2022. The gross NPAs written-off in Q3-2022 were Rs 4,088 crore,'' ICICI Bank said.
The net interest margin was 3.96 per cent in the quarter under reporting compared to 3.67 per cent in Q3-2021, it said.
The bank's total capital adequacy at December 31, 2021 was 19.79 per cent and Tier-1 capital adequacy (including profits for 9M-2022) was 18.81 per cent compared to the minimum regulatory requirements of 11.70 per cent and 9.70 per cent respectively. On a standalone basis, it said, the profit after tax grew by 38 per cent year-on-year to Rs 16,321 crore in 9 months of FY'22 from Rs 11,790 crore in the April-December period of the previous financial year. Meanwhile, Rama Bijapurkar resigned as independent director citing conflict of interest.
In a letter to the Chairman of ICICI Bank, her teaching activity in the area of market and business strategy at an educational institution and research activities on India's consumer economy at a not for profit research centre, which may require her to occasionally engage with other financial service companies or the investor community, could be in violation of the conflict of interest policy of the bank and the regulator.
''In order to avoid any possible ambiguity on my position at any future date as a result of these activities, I have decided to step down,'' it said, adding, the effective date of resignation is January 23, 2022.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)