ICICI Bank net profit rises 25% on lower provisions in September quarter

ICICI Bank on Saturday reported 24.7 per cent rise in consolidated net profit at Rs 6,092 crore for September quarter 2021-22.

The private sector lender had posted a net profit of Rs 4,882 crore in the same quarter of the previous fiscal year.

Total income however grew marginally to Rs 39,484.50 crore in the quarter from Rs 39,289.60 crore in the same period of 2020-21, ICICI Bank said in a regulatory filing.

On standalone basis, the net profit jumped 30 per cent to Rs 5,511 crore during the quarter, as against Rs 4,251 crore. Income was up at Rs 26,031 crore from Rs 23,651 crore.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) fell to 4.82 per cent of gross advances as of September 30, 2021 as against 5.17 per cent by the year-ago period.

Net NPAs (bad loans) too fell to 0.99 per cent from 1 per cent.

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