ICICI Bank Q3 Results: Profit rises 25% YoY

Private lender ICICI Bank on Saturday reported a 25 per cent year-on-year (YoY) rise in standalone net profit at Rs 6,194 crore for the December quarter compared with a profit of Rs 4,940 crore in the corresponding quarter last year.The bank reported a 23 per cent YoY jump in net interest income (NII) at Rs 12,236 crore from Rs 9,912 crore in the same quarter last year.

Net interest margin (NIM) for the quarter came in at 3.96 per cent compared with 4 per cent in the September quarter and 3.67 per cent in the year-ago quarter.Provisions (excluding provision for tax) for the quarter fell 27 per cent YoY to Rs 2,007 crore from Rs 2,742 crore in the same period last year, the bank said in a filing to BSE. Provision coverage ratio, meanwhile, stood at 79.9 per cent as of December 31, 2021.

Net NPA ratio declined to 0.85 per cent from 0.99 per cent in the preceding quarter, the lowest since March 31, 2014.The consolidated profit after tax for the bank rose 19 per cent YoY to Rs 6,536 crore from Rs 5,498 crore in the same quarter last year.

The bank said its total period-end deposits crossed Rs 10 lakh crore mark, with total deposits growing 16 per cent YoY to Rs 10,17,467 crore. Average CASA ratio was 45 per cent in the recently concluded quarter.

ICICI Bank's non-interest income, excluding treasury income, rose 25 per cent YoY to Rs 4,899 crore from Rs 3,921 crore. Fee income rose 19 per cent YoY to Rs 4,291 crore from Rs 3,601 crore YoY.

Fees from retail, business banking and SME customers constituted about 76 per cent of total fees in the December quarter, the bank said in the filing.

Treasury income was Rs 88 crore compared with Rs 766 crore (US$ 103 million) in the year-ago quarter. The treasury income of last year included gain of Rs 329 crore from sale of shares of ICICI Securities.

"Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 4,209 crore in Q3. The gross NPAs written off in Q3 were Rs 4,088 crore. Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines was Rs 9,684 crore," the bank said.