ICICI Bank reported a standalone net profit of ₹4,251 crore for the quarter ending 30 September, 2020. This is a six-fold jump when compared to the net profit of ₹655 crore reported in the year-ago period.
Net interest income (NII) increased by 16% year-on-year to ₹9,366 crore in Q2FY21 from ₹8,057 crore in Q2FY20.
Total deposits grew by 20% year-on-year to ₹8,32,936 crore at September 30, 2020 with 17% growth in average current and savings account (CASA) deposits. Term deposits grew by 26% year-on-year at September 30, 2020
Domestic loans grew by 10% year-on-year and 4% quarter-on-quarter at September 30, 2020. Retail loans grew by 13% year-on-year and 6% sequentially.
The Mumbai-headquartered lender said disbursements in mortgage, auto loans in the September quarter reached pre-Covid levels.
"Post the easing of restrictions, there has been a substantial month-on-month increase in disbursements across retail products. Mortgage disbursements during Q2-2021 crossed pre-Covid levels and reached an all-time monthly high in September 2020. Auto loan disbursements have continued to increase from June 2020 and have reached pre-Covid levels in September 2020 reflecting the rise in passenger car sales. Disbursements across the rural portfolio have crossed pre-Covid levels in the months of August and September 2020. Credit card spends recovered to about 85% of pre-Covid levels in September 2020 led by increased spends in categories such as health & wellness, electronics and e-commerce," the lender said in a statement.
Asset quality improved during the quarter with gross non-performing assets falling to ₹38,989 crore at the end of September quarter compared to ₹45,638 crore during the corresponding period a year ago. Gross NPA as a percentage of total assets stood at 5.17% at the end of September quarter compared to 6.37% in the previous quarter.
"Net non-performing asset (NPA) ratio decreased from 1.23% at June 30, 2020 to 1.00% at September 30, 2020; including loans not classified as NPA pursuant to the Supreme Court’s interim order, net NPA ratio would have been 1.12%," the bank said.
During the quarter, the bank added fresh bad loans worth ₹3,017 crore. Recoveries and upgrades, excluding write-offs, from NPA stood at ₹1,945 crore in Q2FY21.
Total provisions for bad loans and contingencies rose to ₹2,995.27 crore for September 2020 quarter against ₹2,506.87 crore a year ago.
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