E-Paper
ICICI Bank's Q3 net profit increases 17% to ₹5,498 crore
On a standalone basis, the country's second largest private sector lender by assets showed a 19.12% rise in the post-tax profit at ₹4,939.59 crore for the reporting quarter, up from ₹4.146.46 crore in the October-December 2019 period.
ICICI Bank on Saturday reported a 17.73% jump in its December quarter consolidated net profit at ₹5,498.15 crore, as against ₹4,670.10 crore in the year-ago period.
On a standalone basis, the country's second largest private sector lender by assets showed a 19.12% rise in the post-tax profit at ₹4,939.59 crore for the reporting quarter, up from ₹4.146.46 crore in the October-December 2019 period.
Its total income increased to ₹24,416 crore from the year-ago's ₹23,638 crore, while the total expenditure was lower at ₹15,596 crore as against ₹16,089 crore.
The reported gross non-performing assets ratio was at 4.38%, but would have been 5.42% if not for the Supreme Court order asking banks not to classify non-paying loan accounts as NPAs after the end of the loan repayment moratorium.
Its overall provisions increased to ₹2,741 crore from the year-ago period's ₹2,083 crore, but lower when compared to the preceding quarter's ₹2,995 crore, as per its exchange filing.
It made a contingency provision of ₹3,012.16 crore for borrower accounts not classified as NPAs pursuant to the interim order of the Supreme Court and utilised ₹1,800 crore of the ₹8,772.30 crore in provisions for the pandemic made earlier.
As at December 31, 2020, the bank held an aggregate Covid-19 related provision of ₹9,984.46 crore, including contingency provision amounting to ₹3,509.46 crore, it said.
It said the provisions held by it are more than what is required by the RBI and the bank's capital and liquidity position are strong.
Its overall capital adequacy stood at 18.04% as of December 31, 2020.
