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ICICI Bank's Q3 net profit rises 158% to Rs 4,146 cr
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SME Times News Bureau | 25 Jan, 2020
ICICI Bank has reported over
two-fold increase in standalone net profit for the quarter ended
December at Rs 4,146.46 crore. The net profit rose 158.36 per cent from
Rs 1,604.91 crore reported in the year-ago quarter, the bank said here
on Saturday.
The total income increased by 17.23 per cent
year-on-year during the third quarter of FY20 to Rs 23,638.26 crore,
ICICI Bank said in a regulatory filing.
Provisioning by the bank
dropped by more than half as it set aside Rs 2,083.20 crore in the third
quarter towards provisions and contingencies, down from Rs 4,244 crore
in the year-ago period.
Recoveries, upgrades and other deletions,
excluding write-offs, during the quarter were Rs 4,088 crore. "Net
non-performing asset ratio decreased from 2.58 per cent at December 31,
2018 to 1.49 per cent at December 31, 2019," it said.
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