ICICI Bank’s third quarter profit up by 17%

ICICI Bank's third quarter profit up by 17%

ICICI Bank said on Saturday that consolidated net profit has risen by 17.73 per cent to Rs 5,498.15 crore in the December quarter. It was Rs 4,670.10 crore in the year-ago period. On a standalone basis, the country’s second largest private sector bank reported a post-tax profit of Rs 4,939.59 crore, up 19.12 percent in the quarter under review. It stood at Rs 4.146.46 crore in the October-December 2019 period.

The total income of the bank increased to Rs 24,416 crore from Rs 23,638 crore a year ago. While its total expenditure reduced to 15,596 crore, which was 16,089 crore a year ago.

The bank’s gross non-performing assets (NPA) ratio stood at 4.38 per cent. But it would have been at 5.42 per cent, if the Supreme Court had not ruled that banks were asked not to qualify non-paying loan accounts as NPAs at the end of the loan repayment moratorium.

The total provisions of the bank increased to Rs 2,741 crore from Rs 2,083 crore in the year-ago period. But according to the exchange filing, this is less than the previous quarter’s Rs 2,995 crore. The statement said that as on December 30, 2020, the bank’s total provision relating to Kovid-19 stood at Rs 9,984.46 crore, including contingency provision of Rs 3,509.46 crore. It said that the provision with the bank is more as per the requirement of RBI and the position of capital and liquidity of the bank is strong.

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