Tag: ICICI Bank results

ICICI Bank Q1 net profit zooms 78% to ₹4,616 crore

Banking & Finance

[ad_1]

Read More/Less


Private sector lender ICICI Bank reported a 78 per cent jump in its standalone net profit at ₹4,616 crore in the first quarter ended June 30, 2021, led by robust net interest income and lower provisions.

Its net profit was ₹2,599 crore in the first quarter of last fiscal.

However, the bank reported higher gross non-performing asset (NPA) additions at ₹7,231 crore against ₹1,160 crore in the year ago quarter.

About 94 per cent (or ₹6,773 crore) of the gross NPA additions was on account of retail and business banking. This includes additions of ₹961 crore from Kisan Credit Card portfolio and ₹1,130 crore from jewel loan portfolio. The balance 6 per cent (or ₹458 crore) was on account of corporate and SME portfolio.

The total income fell 6.5 per cent to ₹24,379 crore in the first quarter of the fiscal as against ₹26,067 crore a year ago.

Net interest income increased by 18 per cent year-on-year to ₹10,936 crore in the April to June 2021 quarter from ₹9,280 crore in the first quarter last fiscal.

The net interest margin improved to 3.89 per cent in the first quarter this fiscal compared to 3.69 per cent a year ago.

Other income down 35%

Other income, however, fell by 35 per cent yoy to ₹3,996 crore in the first quarter of the fiscal.

Of this, treasury income was ₹290 crore in the first quarter this fiscal compared to ₹3,763 crore a year ago. “The treasury gain in the first quarter of 2020-21 included gains of ₹3,036 crore from sale of shares of subsidiaries,” ICICI Bank said in a statement on Saturday.

The bank’s provisions fell 62 per cent to ₹2,852 crore in the first quarter of the fiscal as against ₹ 7,594 crore a year ago.

“Based on its current assessment of the portfolio, the bank wrote back Covid-19 provisions amounting to ₹1,050 crore made in earlier periods,” ICICI Bank said.

This reflects the confidence the bank has on the book it has built over the years, said Sandeep Batra, Executive Director, ICICI Bank.

NPAs rise

In absolute terms, gross NPAs rose to ₹43,148 crore as at June-end 2021 against ₹40,386 crore as at June-end 2020.

In the reporting quarter, recoveries and upgrades were higher at ₹3,627 crore (₹757 crore in the year ago quarter).

The gross NPA position as a percentage of gross advances improved to 5.15 per cent as at June-end 2021 against 5.46 per cent as at June-end 2020.

The net NPA position as a percentage of net advances position also improved to 1.16 per cent as at June-end 2021 against 1.23 per cent as at June-end 2020.

As of June 30, 2021, the bank had restructured loans amounting to ₹3,891.15 crore under the RBI’s Resolution Framework of which ₹924.74 crore was retail loans and ₹2,956.05 crore was corporate loans.

Batra said the embargo on MasterCard from acquiring new customers will have zero impact on the bank as it is dominantly working with Visa. It will offer new customers credit cards with Visa.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

ICICI Bank Q4 profit surges 260% to ₹4,402 cr

Banking & Finance

[ad_1]

Read More/Less


Private sector lender ICICI Bank’s standalone net profit more than doubled by 260.4 per cent to ₹4,402.61 crore in the quarter ended March 31, 2021 with a robust increase in net interest income.

Its standalone net profit was ₹1,221.36 crore in the fourth quarter of 2019-20.

On a standalone basis, ICICI Bank’s net profit grew 104 per cent to ₹16,193 crore in 2020-21 from ₹7,931 crore in 2019-20.

Also read: ICICI Bank, SBI Cards see robust growth in credit cards

For the quarter ended March 31, 2021, the bank’s net interest income increased by 17 per cent to ₹10,431 crore from ₹8,927 crore in the same period a year ago.

The net interest margin was 3.84 per cent in the fourth quarter of 2020-21 compared to 3.67 per cent in the quarter ended December 31, 2020 and 3.87 per cent a year ago.

Non-interest income, excluding treasury income, grew three per cent to ₹4,137 crore in the quarter under review.

Provisions stood at ₹2,883.47 crore for the fourth quarter of 2020-21 versus ₹5,967.44 crore in the corresponding quarter in 2019-20.

During the fourth quarter of 2020-21, the bank utilised contingency provision totalling ₹3,509 crore towards proforma NPAs as of December 31, 2020.It also made additional Covid-19 related provisions of ₹1,000 crore during the fourth quarter of 2020-21.

Asset quality was stable. Gross non-performing assets stood at ₹41,373.42 crore or 5.33 per cent of gross advances as on March 31, 2021 as against 4.72 per cent as on December 31, 2020 and 6.04 per cent as on March 31, 2020.

Net NPAs were 1.24 per cent of net advances as on March 31, 2021 versus 1.54 per cent a year ago.

Dividend announced

The board also recommended a dividend of ₹2 per equity share of face value of ₹2 each, subject to requisite approvals.

The board of directors also approved fund raising by way of issuances of debt securities including by way of non-convertible debentures in domestic markets up to an overall limit of ₹20,000 crore by way of private placement and issuances of bonds/notes/offshore certificate of deposits in overseas markets up to $1.50 billion in single/multiple tranches for a period of one year, from the date of passing of resolution by the board.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

ICICI Bank Q3 net up 19.1%

Banking & Finance

[ad_1]

Read More/Less


Private sector lender ICICI Bank reported a 19.1 per cent increase in its standalone net profit in the third quarter of the fiscal at ₹4,939.59 crore. The bank had a net profit of ₹4,146.46 crore in the same period last fiscal.

For the quarter ended December 31, ICICI Bank’s net interest income increased by 16 per cent to ₹9,912 crore from ₹8,545 crore in the third quarter last fiscal.

The net interest margin was 3.67 per cent in the October to December compared to 3.57 per cent in the quarter ended September 30 and 3.77 per cent in the third quarter last fiscal.

Non-interest income, excluding treasury income, declined to ₹3,921 crore in the third quarter this fiscal compared to ₹4,043 crore a year ago.

Provisions increased by 31.6 per cent to ₹2,741.72 crore in the third quarter this fiscal from ₹2,083.2 crore a year ago.

“During the third quarter of 2020-21, the bank made contingency provision amounting to ₹3,012 crore for borrower accounts not classified as non-performing pursuant to the interim order of the Supreme Court. The Bank utilised ₹1,800 crore of Covid-19 related provisions made in the earlier periods,” ICICI Bank said in a statement on Saturday.

It further said that it has changed its provisioning policy on non-performing assets to make it more conservative in the third quarter.

“The contingency provision made on a prudent basis for loans overdue for more than 90 days at December 31, 2020 but not classified as non-performing pursuant to the Supreme Court’s interim order, also reflects the revised policy,” it said, adding that the change in policy resulted in higher provision on advances amounting to ₹2,096 crore during the third quarter for aligning provisions on the outstanding loans to the revised policy.

During the quarter, the gross additions to NPAs were ₹471 crore.

As on December 31, gross NPAs amounted to 4.72 per cent of gross advances as against 6.39 per cent a year ago. Net NPAs stood at 0.69 per cent at the end of the third quarter this fiscal versus 1.6 per cent a year ago.

Loans amounting to ₹8,280 crore, compared to ₹1,410 crore at September 30, 2020, were not classified as non-performing at December 31, pursuant to the Supreme Court’s interim order, ICICI Bank said.

On a proforma basis, the net NPA ratio was 1.26 per cent at December 31 compared to 1.12 per cent at September 30.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,