Private sector lender ICICI Bank on Saturday reported a 261 per cent year-on-year (YoY) rise in net profit at Rs 4,403 crore. In the same period last year, the bank had registered a profit of Rs 1,221.40 crore. Net interest income (NII) for the quarter rose 17 per cent YoY to Rs 10,431 crore compared with Rs 8,927 crore in the year-ago quarter.
Total income (standalone) of the bank rose to Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter, ICICI Bank said in a regulatory filing. On a consolidated basis, the net profit of the private sector lender jumped to Rs 4,886 crore in the March quarter from Rs 1,251 crore in the last quarter of 2019-20.
Income on a consolidated basis rose to Rs 43,621 crore from Rs 40,121 crore for the reported quarter. Gross non-performing assets (NPAs) or bad loans of the bank fell to 4.96 per cent of the gross advances by the end of March 2021 as against 5.53 per cent by March 31, 2020. Net NPAs too came down to 1.14 per cent as against 1.41 per cent. Provisions for bad loans and contingencies were cut to Rs 2,883.47 crore for the reported quarter, from Rs 5,967.44 crore parked aside in year ago same quarter.
In Q4FY21, the lender utilised contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as these loans have now been classified as per the RBI guidelines. The bank has substantially increased its provision coverage ratio to 86% and carries unutilized covid-related provisions of ₹6470 crore.
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ICICI Bank recently informed the stock exchanges that it will consider raising funds by way of issuance of debt securities, including non-convertible debentures/bonds/notes/offshore certificate of deposits in single/multiple tranches in any currency through public/private placement in the board meeting to be held on Saturday.
