ICICI Bank Reports Nearly 60% Net Profit Increase in March Quarter

ICICI Bank reported a nearly 60 percent increase in net profit to 7,018.71 crore in the January-March quarter of a year ago, and the company’s board of directors recommended a dividend of Rs 5 per share.

The lender had reported a net profit of 4,402.61 crore in January-March 2021, indicating a 59.4 percent increase.

Total income rose by more than 14 percent to 27,412.32 crore in the March quarter, compared to 23,953.02 crore in the same period last year, the company said in a grant filing.

Net interest income (NII), the difference between borrowing income and interest paid to depositors, rose 21 percent to Rs 12,605 crore from Rs 10,431 crore in the same quarter a year ago, it said.

The quality of the bank’s assets improved as gross non-performing assets fell to 3.60 percent of gross advances as of March 31, 2022, from 4.96 percent in the same period a year ago.

The non-performing asset ratio, a measure of customers’ net non-performing assets to customers’ net assets, also declined to 0.76 percent in the January-March quarter, from 1.14 percent in the same period a year. past.

As a result, provisions, excluding taxes and contingencies, fell to Rs 1,069 crore for the quarter from Rs 2,883 crore a year earlier.

The Provision Coverage Ratio (PCR) stood at 79.2 percent at the end of the third quarter, according to the ICICI bank.