ICICI Bank net profit up 25 per cent

ICICI Bank reported a 25 per cent increase in its net profit for the month of October-December quarter at Rs 6,194 crore. The bank had a profit of 5,511 crore in the previous July-September quarter.

Net interest income NII grew 23 per cent YoY to Rs 12,236 crore during the quarter under review, while the net interest margin was 3.96 per cent in December 2021 as opposed to 3.67 per cent in the same quarter a year ago and 4 per cent in the quarter ended September 30, 2021.

The total deposits of the bank went up 16 per cent YoY and 4 per cent by the end of December 31, 2021 to Rs 10,17, 467 crore. Average current account deposits increased 34 per cent YoY, while average savings account deposits increased 25 per cent YoY.

In a release, ICICI Bank said that the retail loan portfolio grew 19 per cent year-on-year and 5 per cent sequentially, and comprised 61.3 per cent of the total loan portfolio at December 31, 2021. The retail loan portfolio, including non-fund outstanding, was 51.3 per cent of the total portfolio at December 31, 2021.

Domestic advances grew by 18 per cent YoY and 6 per cent sequentially as of December 31, 2021, while total advances increased 16 per cent YoY and 6 per cent sequentially.

Net non-performing assets declined by 10 per cent from Rs 8,161 crore as of December 31, 2021 to Rs 7,344 crore as of December 31, 2021, compared to Rs 8,161 crore as on September 30, 2021. The net NPA ratio declined to 0.85 per cent at December 31, 2021, from 0.99 per cent at September 30, 2021, it said.

Net losses from gross NPAs of Rs 191 crore were excluding write-offs and sale during Q 3 -- 2022, compared to net additions of Rs 96 crore in Q 2 -- 2022. The gross NPA additions decreased to Rs 4,018 crore in Q 3 -- 2022 from Rs 5,578 crore in Q 2 -- 2022 and Rs 7,231 crore in the quarter ended June 30, 2021 Q 1 -- 2022, according to the bank.

The provision coverage ratio was at 79.9 per cent as of December 31, 2021. The profit of the ICICI Bank went up 19 per cent YoY to Rs 6,536 crore on a consolidated basis.

The shares of ICICI Bank fell 0.66 per cent to Rs 804.60 on the BSE on Friday.