ICICI Bank Q3 consolidated profit jumps nearly 19 on NII growth lower provisions
Mumbai Jan 22 PTI Private sector lender ICICI Bank on Saturday reported a nearly 19 per cent jump in its consolidated profit to Rs 6536 crore for the quarter ended in December 2021 helped by higher net interest income NII and lower provisions The bank had posted a profit after tax of Rs 5498 crore in the year-ago period It was an all-round growth We had an NII growth of 23 per cent and core operating profit also grew by 25 per cent Our provisions declined by 27 per cent the lenders Executive Director Sandeep Batra told reporters here However total income was lower at Rs 3986580 crore in the third quarter this fiscal compared to Rs 4041908 crore in the same quarter a year ago according to a regulatory filing On a standalone basis the profit after tax jumped by 25 per cent to Rs 6194 crore in the third quarter of FY2022 compared to Rs 4940 crore in the same quarter of FY2021 Total income increased to Rs 2706967 crore from Rs 24416 crore in the year-ago period Net interest income NII jumped by 23 per cent year-on-year to Rs 12236 crore compared to Rs 9912 crore Net interest margin NIM stood at 396 per cent compared to 367 per cent in the year-ago quarter Fee income grew by 19 per cent year-on-year to Rs 4291 crore from Rs 3601 crore in the same period of the previous fiscal Treasury income declined to Rs 88 crore during the reporting quarter compared to Rs 766 crore in Q3 FY2021 The treasury income in Q3 FY2021 included a gain of Rs 329 crore from sale of shares of ICICI Securities the lender said in a release Gross non-performing assets GNPA ratio was at 413 per cent in the third quarter as against 438 per cent in the year-ago quarter Net NPA stood at 085 per cent from 063 per cent in the year-ago period Speaking of the impact of the third wave of Covid-19 Batra said As things stand today the third wave may have created local disruptions We do not anticipate at this point of time any significant economic disruptions to the portfolio that we have The lender has a Covid provision of Rs 6425 crore which it did not release during the December quarter he said Provisions excluding provision for tax declined by 27 per cent to Rs 2007 crore from Rs 2742 crore The gross addition to NPAs during the quarter was about Rs 4018 crore compared to around Rs 5500 crore in the September quarter Of that retail was about Rs 3853 crore and corporate and SME was about Rs 165 crore Recoveries and upgrades of NPAs excluding write-offs and sale were Rs 4209 crore The gross NPAs written-off in the quarter were Rs 4088 crore Its restructured book stood at Rs 9684 crore or 12 per cent of total advances as of December 31 2021 The banks total capital adequacy as of December 31 2021 was 1979 per cent Total advances increased by 16 per cent year-on-year to Rs 813992 as of December 31 2021 The domestic advances grew by 18 per cent y-o-y Its retail loan portfolio grew by 19 per cent Total deposits rose by 16 per cent year-on-year to Rs 1017467 crore as of December end Batra said the value of credit card spends in Q3 FY2022 was 22 times the value of credit card spends in the year-ago period Meanwhile the bank on Saturday informed exchanges that Vibha Paul Rishi has been appointed as its Additional Independent Director for a period of five years with effect from January 23 2022 The appointment of Rishi came after Rama Bijapurkar resigned as Independent Director citing conflict of interest Her resignation will be effective from January 23 2022 PTI HV MR MR
Mumbai Jan 22 PTI Private sector lender ICICI Bank on Saturday reported a nearly 19 per cent jump in its consolidated profit to Rs 6536 crore for the quarter ended in December 2021 helped by higher net interest income NII and lower provisions The bank had posted a profit after tax of Rs 5498 crore in the year-ago period It was an all-round growth We had an NII growth of 23 per cent and core operating profit also grew by 25 per cent Our provisions declined by 27 per cent the lenders Executive Director Sandeep Batra told reporters here However total income was lower at Rs 3986580 crore in the third quarter this fiscal compared to Rs 4041908 crore in the same quarter a year ago according to a regulatory filing On a standalone basis the profit after tax jumped by 25 per cent to Rs 6194 crore in the third quarter of FY2022 compared to Rs 4940 crore in the same quarter of FY2021 Total income increased to Rs 2706967 crore from Rs 24416 crore in the year-ago period Net interest income NII jumped by 23 per cent year-on-year to Rs 12236 crore compared to Rs 9912 crore Net interest margin NIM stood at 396 per cent compared to 367 per cent in the year-ago quarter Fee income grew by 19 per cent year-on-year to Rs 4291 crore from Rs 3601 crore in the same period of the previous fiscal Treasury income declined to Rs 88 crore during the reporting quarter compared to Rs 766 crore in Q3 FY2021 The treasury income in Q3 FY2021 included a gain of Rs 329 crore from sale of shares of ICICI Securities the lender said in a release Gross non-performing assets GNPA ratio was at 413 per cent in the third quarter as against 438 per cent in the year-ago quarter Net NPA stood at 085 per cent from 063 per cent in the year-ago period Speaking of the impact of the third wave of Covid-19 Batra said As things stand today the third wave may have created local disruptions We do not anticipate at this point of time any significant economic disruptions to the portfolio that we have The lender has a Covid provision of Rs 6425 crore which it did not release during the December quarter he said Provisions excluding provision for tax declined by 27 per cent to Rs 2007 crore from Rs 2742 crore The gross addition to NPAs during the quarter was about Rs 4018 crore compared to around Rs 5500 crore in the September quarter Of that retail was about Rs 3853 crore and corporate and SME was about Rs 165 crore Recoveries and upgrades of NPAs excluding write-offs and sale were Rs 4209 crore The gross NPAs written-off in the quarter were Rs 4088 crore Its restructured book stood at Rs 9684 crore or 12 per cent of total advances as of December 31 2021 The banks total capital adequacy as of December 31 2021 was 1979 per cent Total advances increased by 16 per cent year-on-year to Rs 813992 as of December 31 2021 The domestic advances grew by 18 per cent y-o-y Its retail loan portfolio grew by 19 per cent Total deposits rose by 16 per cent year-on-year to Rs 1017467 crore as of December end Batra said the value of credit card spends in Q3 FY2022 was 22 times the value of credit card spends in the year-ago period Meanwhile the bank on Saturday informed exchanges that Vibha Paul Rishi has been appointed as its Additional Independent Director for a period of five years with effect from January 23 2022 The appointment of Rishi came after Rama Bijapurkar resigned as Independent Director citing conflict of interest Her resignation will be effective from January 23 2022 PTI HV MR MR
