ICICI Bank Q4 net rises 26 pc to Rs 1,221 cr

ICICI Bank reported a 26 per cent rise in standalone net profit at Rs 1,221 crore for the March quarter.Gross non-performing assets (NPAs) stood at 5.53%

New Delhi, May 9 (PTI) ICICI Bank on Saturday reported a 26 per cent rise in standalone net profit at Rs 1,221 crore for the quarter ended March 2020.

The bank had posted a net profit of Rs 969 crore in the corresponding January-March period of 2018-19.

Total income during the quarter under review increased to Rs 23,443.66 crore, from Rs 20,913.82 crore in the same period of the preceding fiscal, ICICI Bank said in a regulatory filing.

On the assets front, gross non-performing assets (NPAs) stood at 5.53 per cent of gross advances as on March 31, 2020, compared to 6.70 per cent last year.

Net NPAs or bad loans were trimmed to 1.41 per cent as against 2.06 per cent.

Core operating profit (profit before provisions and tax, excluding treasury income) grew by 18 per cent year-on-year to Rs 7,148 crore in the quarter ended March 2020, ICICI Bank said.

Net interest margin stood at 3.87 per cent in Q4 and fee income grew by 13 per cent, it added.

“Excluding COVID-19 related provisions, the profit after tax would have been Rs 3,260 crore (USD 431 million),” the private sector lender said.

The bank said it made provisions (excluding those related to COVID-19 and provision for tax) of Rs 3,242 crore (USD 428 million) during the quarter under review.

The COVID-19 related provisions were Rs 2,725 crore (USD 360 million) against standard assets to further strengthen the balance sheet, the bank said.

The bank’s net profit for the full year jumped 136 per cent to Rs 7,931 crore (USD 1 billion) from Rs 3,363 crore (USD 444 million) in 2018-19.

On consolidated basis, the net profit in Q4 FY20 rose to Rs 1,251 crore from Rs 1,170 crore in the same period of the preceding fiscal.

Consolidated profit after tax was Rs 9,566 crore (USD 1.3 billion) in 2019-20, compared to Rs 4,254 crore (USD 562 million) in the previous year, ICICI Bank said.

Source: PTI

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