ICICI Bank's Q3 standalone net profit up 25% YoY

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SME Times News Bureau | 23 Jan, 2022
Private sector lending major ICICI Bank on Saturday reported a rise of 25 per cent year-on-year in its standalone net profit for the third quarter of FY22.

On a standalone basis, the profit after tax grew to Rs 6,194 crore, compared to Rs 4,940 crore in the corresponding period of the previous fiscal.

Similarly, the bank's net interest income (NII) rose during the quarter under review, growing by 23 per cent to Rs 12,236 crore in Q3FY22 from Rs 9,912 crore in Q3FY21.

"The net interest margin was 3.96 per cent in Q3-2022 compared to 3.67 per cent in Q3-2021 and 4 per cent in the quarter ended September 30, 2021 (Q2-2022).

"Non-interest income, excluding treasury income, increased by 25 per cent year-on-year to Rs 4,899 crore in Q3-2022 from Rs 3,921 crore in Q3-2021," ICICI Bank said in a statement.

Besides, the bank's provisions (excluding provision for tax) declined by 27 per cent year-on-year to Rs 2,007 crore in Q3FY22 from Rs 2,742 crore in Q3FY21.

In terms of asset quality, the net non-performing assets declined by 10 per cent sequentially to Rs 7,344 crore as on December 31, 2021 from Rs 8,161 crore on September 30, 2021.

"The net NPA ratio declined to 0.85 per cent as on December 31, 2021 from 0.99 per cent on September 30, 2021. During Q3, there were net deletions from gross NPAs of Rs 191 crore, excluding write-offs and sale, compared to net additions of Rs 96 crore in Q2-2022," the statement said.

"The gross NPA additions declined to Rs 4,018 crore in Q3FY22 from Rs 5,578 crore in Q2FY22, and Rs 7,231 crore in the quarter ended June 30, 2021m," it added.

The bank reported that recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 4,209 crore in Q3FY22.

"The gross NPAs written-off in Q3FY22 were Rs 4,088 crore," it said.

In addition, the bank reported that its consolidated profit after tax rose to Rs 6,536 crore in Q3FY22, as compared to Rs 5,498 crore in Q3FY21 and Rs 6,092 crore in Q2FY22.