ICICI Bank’s Q3 net profit increases 17 per cent to Rs 5,498 crore

On a standalone basis, the country's second largest private sector lender by assets showed a 19.12 per cent rise in the post-tax profit at Rs 4,939.59 crore for the reporting quarter

Mumbai: ICICI Bank on Saturday reported a 17.73 per cent jump in its December quarter consolidated net profit at Rs 5,498.15 crore, as against Rs 4,670.10 crore in the year-ago period.

On a standalone basis, the country’s second largest private sector lender by assets showed a 19.12 per cent rise in the post-tax profit at Rs 4,939.59 crore for the reporting quarter, up from Rs 4.146.46 crore in the October-December 2019 period.

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Its total income increased to Rs 24,416 crore from the year-ago’s Rs 23,638 crore, while the total expenditure was lower at Rs 15,596 crore as against Rs 16,089 crore. The reported gross non-performing assets ratio was at 4.38 per cent, but would have been 5.42 per cent 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 Rs 2,741 crore from the year-ago period’s Rs 2,083 crore, but lower when compared to the preceding quarter’s Rs 2,995 crore, as per its exchange filing. It made a contingency provision of Rs 3,012.16 crore for borrower accounts not classified as NPAs pursuant to the interim order of the Supreme Court and utilised Rs 1,800 crore of the Rs 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 Rs 9,984.46 crore, including contingency provision amounting to Rs 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.