Private sector lender ICICI Bank on Saturday reported 19% increase in net profit at ₹4,940 crore for the quarter ending 31 December, 2020. It was ₹4,146 crore a year ago.
Total income of country's second largest private sector lender by assets increased 3% to ₹24,416 crore as compared to ₹23,638 crore in year-ago period.
Total deposits grew by 22% year-on-year to ₹8,74,348 crore at 31 December, 2020. The lender saw 19% growth in average current and savings account (CASA) deposits in Q3FY21 and average CASA ratio was 41.8% in Q3FY21. Term deposits grew by 26% year-on-year at 31 December, 2020
The lender’s net interest income (NII), the difference between interest earned and interest expended, rose 16% year-on-year (y-o-y) to ₹9,912 crore in Q3 of FY21. Net interest margin (NIM), a key measure of profitability, expanded 10 basis points (bps) sequentially to 3.67%. On the other hand, the bank’s provisions rose 31.6% y-o-y to ₹2,742 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 per cent as of December 31, 2020.
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