ICICI Bank posts record high quarterly profit of Rs 5511 cr
New Delhi Oct 23 PTI ICICI Bank on Saturday reported its highest ever quarterly profit on standalone basis at Rs 5511 crore for September quarter 2021-22 on the back of healthy loan growth across verticals aided by fall in bad loans The lender logged a standalone net profit of Rs 4251 crore in the year-ago period This would be the highest net profit everour capital is growing the economy is growing There are no exceptional items during this period because we have not sold anything from subsidiaries Sandeep Batra Executive Director ICICI Bank told reporters during a conference call Total income also rose to Rs 26031 crore in July-September period of 2021-22 as against Rs 23651 crore in the same quarter of the previous fiscal year ICICI Bank said in a regulatory filing On a consolidated basis also the lender posted its highest ever profit at Rs 6092 crore in the quarter as against Rs 4882 crore in the same period of the previous fiscal year Total income grew marginally to Rs 3948450 crore in the quarter from Rs 3928960 crore in the year-ago period The banks asset quality showed improvement as gross non-performing assets NPAs fell to 482 per cent of gross advances as of September 30 2021 as against 517 per cent by the year-ago period Net NPAs bad loans too fell to 099 per cent from 1 per cent Net NPA has fallen to the lowest level since December 31 2014 the bank said While net interest income grew 25 per cent year-on-year net interest margin difference of interest earned and expended rose to 4 per cent from 357 per cent in the year-ago period and 389 per cent from the preceding quarter ended June 2021 The lender witnessed 19 per cent year-on-year growth in domestic loans during September quarter The retail loans were up 20 per cent from the year-ago period Business banking portfolio grew 431 per cent and SME portfolio was up 42 per cent Right now we are very comfortable with the quality of book that we have The overall mix of our portfolio a significant portion continues to be A and above rated category at this point of time more than 70 per cent of our book 707 per cent is in A minus and above category On mortgages loans there is a fairly good mix a lot of it comes from the retail segment Batra said In the domestic corporate portfolio segment the bank reported 14 per cent growth during the quarter excluding the builder portfolio Even credit cards have also done very well for us We have grown by about 28 per cent We will continue to acquire new customers who have better rated profiles they are continuing to do very well for us We are also seeing a very healthy trendwe are focussed on this business but again we will continue to grow all aspects of the business the official added The banks credit card business portfolio grew 28 per cent from a year ago to Rs 19843 crore during the September quarter ICICI Bank said it is progressively exiting exposures that are not linked to India in a planned manner Its overseas non-linked corporate portfolio reduced by 569 per cent or about USD 108 billion and 159 per cent sequentially or about USD 154 million as of September 30 2021 Gross NPAs fell to Rs 41437 crore while net NPAs came down to Rs 8161 crore The bank said it continues to hold Covid-19 related provision of Rs 6425 crore 08 per cent of advances at the end of September quarter which is same at the end of June 2021 There were gross additions of Rs 5578 crore worth of NPAs during the quarter With recoveries upgrades and others of Rs 5482 crore the net additions of bad loans were of Rs 96 crore during September 2021 quarter Talking about the banks digital journey Batra said as many as 40 lakh such customers are non-ICICI Bank customers The bank had expanded its mobile banking app iMobile to iMobile Pay in December 2020 offering payment and banking services to customers of any bank There were about 1500000 activations of iMobile Pay from non-ICICI Bank account holders in the second quarter taking the total such activations to 4000000 within nine months of launch the bank said The transactions by non-ICICI Bank account holders in terms of value and volume respectively were three times and 13 times higher in September 2021 compared to June 2021The bank continues to expand the suite of services offered through iMobile Pay to achieve high engagement levels with users it added PTI KPM ANU ANU
New Delhi Oct 23 PTI ICICI Bank on Saturday reported its highest ever quarterly profit on standalone basis at Rs 5511 crore for September quarter 2021-22 on the back of healthy loan growth across verticals aided by fall in bad loans The lender logged a standalone net profit of Rs 4251 crore in the year-ago period This would be the highest net profit everour capital is growing the economy is growing There are no exceptional items during this period because we have not sold anything from subsidiaries Sandeep Batra Executive Director ICICI Bank told reporters during a conference call Total income also rose to Rs 26031 crore in July-September period of 2021-22 as against Rs 23651 crore in the same quarter of the previous fiscal year ICICI Bank said in a regulatory filing On a consolidated basis also the lender posted its highest ever profit at Rs 6092 crore in the quarter as against Rs 4882 crore in the same period of the previous fiscal year Total income grew marginally to Rs 3948450 crore in the quarter from Rs 3928960 crore in the year-ago period The banks asset quality showed improvement as gross non-performing assets NPAs fell to 482 per cent of gross advances as of September 30 2021 as against 517 per cent by the year-ago period Net NPAs bad loans too fell to 099 per cent from 1 per cent Net NPA has fallen to the lowest level since December 31 2014 the bank said While net interest income grew 25 per cent year-on-year net interest margin difference of interest earned and expended rose to 4 per cent from 357 per cent in the year-ago period and 389 per cent from the preceding quarter ended June 2021 The lender witnessed 19 per cent year-on-year growth in domestic loans during September quarter The retail loans were up 20 per cent from the year-ago period Business banking portfolio grew 431 per cent and SME portfolio was up 42 per cent Right now we are very comfortable with the quality of book that we have The overall mix of our portfolio a significant portion continues to be A and above rated category at this point of time more than 70 per cent of our book 707 per cent is in A minus and above category On mortgages loans there is a fairly good mix a lot of it comes from the retail segment Batra said In the domestic corporate portfolio segment the bank reported 14 per cent growth during the quarter excluding the builder portfolio Even credit cards have also done very well for us We have grown by about 28 per cent We will continue to acquire new customers who have better rated profiles they are continuing to do very well for us We are also seeing a very healthy trendwe are focussed on this business but again we will continue to grow all aspects of the business the official added The banks credit card business portfolio grew 28 per cent from a year ago to Rs 19843 crore during the September quarter ICICI Bank said it is progressively exiting exposures that are not linked to India in a planned manner Its overseas non-linked corporate portfolio reduced by 569 per cent or about USD 108 billion and 159 per cent sequentially or about USD 154 million as of September 30 2021 Gross NPAs fell to Rs 41437 crore while net NPAs came down to Rs 8161 crore The bank said it continues to hold Covid-19 related provision of Rs 6425 crore 08 per cent of advances at the end of September quarter which is same at the end of June 2021 There were gross additions of Rs 5578 crore worth of NPAs during the quarter With recoveries upgrades and others of Rs 5482 crore the net additions of bad loans were of Rs 96 crore during September 2021 quarter Talking about the banks digital journey Batra said as many as 40 lakh such customers are non-ICICI Bank customers The bank had expanded its mobile banking app iMobile to iMobile Pay in December 2020 offering payment and banking services to customers of any bank There were about 1500000 activations of iMobile Pay from non-ICICI Bank account holders in the second quarter taking the total such activations to 4000000 within nine months of launch the bank said The transactions by non-ICICI Bank account holders in terms of value and volume respectively were three times and 13 times higher in September 2021 compared to June 2021The bank continues to expand the suite of services offered through iMobile Pay to achieve high engagement levels with users it added PTI KPM ANU ANU
