ICICI Bank reports 19% rise in net profit in FY21Q3

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ICICI Bank reports 19% rise in net profit in FY21Q3
Mumbai, Private lender ICICI Bank on Saturday reported a net profit of 19% for the quarter ended December 31, 2020.

Accordingly, the company's profit after tax grew to ₹4,940 crore during the quarter under review from ₹4,146 crore in the quarter ended December 31, 2019.

According to the lender, its net interest income (NII) increased by 16% year-on-year to ₹9,912 crore in Q3-2021 from ₹8,545 crore in the corresponding quarter of previous quarter.

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"Domestic loans grew by 13% year-on-year at December 31, 2020," the bank said in a statement.

Besides, the net non-performing asset (NPA) ratio was 0.63 per cent at December 31, 2020; on a proforma basis, including loans not classified as non-performing pursuant to the Supreme Court's interim order and contingency provisions for the same.

The net NPA ratio would have been 1.26% compared to 1.12 per cent at September 30, 2020 and 1.41% at March 31, 2020.

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"Provision coverage ratio on a proforma basis was 77.6% at December 31, 2020."

"At December 31, 2020, the Bank held aggregate Covid-19 related provision of ₹9,984 crore including contingency provision for proforma NPAs amounting to ₹3,509 crore for loans not classified as non- performing pursuant to the Supreme Court's interim order."

As per the statement, the consolidated profit after tax was ₹5,498 crore in Q3- 2021 compared to ₹4,882 crore in Q2-2021 and ₹4,670 crore in Q3-2020.

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"The consolidated return on equity was 14.6% in Q3-2021."


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