Business News | ICICI Bank Net Profit Rises 25 Per Cent to Rs 6,194 Crore
Get latest articles and stories on Business at LatestLY. ICICI Bank on Saturday said its net profit rose to Rs 6,194 crore ($833 million) in the third quarter of the current financial year, posting a year-on-year growth of 25 per cent.
Mumbai (Maharashtra) [India], January 22 (ANI): ICICI Bank on Saturday said its net profit rose to Rs 6,194 crore ($833 million) in the third quarter of the current financial year, posting a year-on-year growth of 25 per cent.
The bank's core operating profit (profit before provisions and tax, excluding treasury income) increased by 25 per cent year-on-year to Rs 10,060 crore ($1.4 billion) in the third quarter of 2021-22 from Rs 8,054 crore ($1.1 billion) in the quarter ended December 31, 2020.
Net interest income increased by 23 per cent year-on-year to Rs 12,236 crore ($1.6 billion) in October-December 2021 quarter from Rs 9,912 crore ($1.3 billion) in the corresponding period of previous year.
The bank's net interest margin stood at 3.96 per cent in Q3 of 2021-22 compared to 3.67 per cent in Q3 of 2020-21 and 4.00 per cent in the quarter ended September 30, 2021.
Non-interest income, excluding treasury income, increased by 25 per cent year-on-year to Rs 4,899 crore ($659 million) in Q3 of 2021-22 from Rs 3,921 crore ($527 million) in Q3 of 2020-21.
The retail loan portfolio grew by 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. Including non-fund outstanding, the retail loan portfolio was 51.3 per cent of the total portfolio at December 31, 2021.
Total deposits increased by 16 per cent year-on-year and 4 per cent sequentially to Rs 10,17,467 crore ($136.9 billion) at December 31, 2021.
Average current account deposits increased by 34 per cent year-on-year. Average savings account deposits increased by 25 per cent year-on-year. Total term deposits increased by 12 per cent year-on-year to Rs 536,811 crore ($72.2 billion) at December 31, 2021.
The Bank had a network of 5,298 branches and 13,846 ATMs as on December 31, 2021.
The net non-performing assets declined by 10 per cent sequentially to Rs 7,344 crore ($988 million) at December 31, 2021 from Rs 8,161 crore ($1.1 billion) at 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. (ANI)
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