ICICI Bank's quarterly net profit rises 26% to Rs 1,221 crore: 9% increase in provisions

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(Commercial Representative) Mumbai Ta. May 9, 2020, Saturday

India's top private sector ICICI Bank has announced encouraging results for the fourth quarter ended March 31, 2020. The bank's net profit rose 8.05 per cent to Rs 121.5 crore from Rs 2.09 crore in the year-ago period.

The bank's net profit for the full year 2018-20 has increased by 12 per cent to Rs 21 crore. The asset quality of the bank has improved. Total Non-Performing Assets (NPAs) fell to 2.1 per cent from 31.20 per cent in March 2020, down from 7.50 per cent in the previous year. As on December 31, 2016, it was 3.9 percent. Provisions and contingencies have been increased by 4.5 per cent to Rs 3 crore.

The bank's net interest income rose 15 per cent to Rs 3 crore from Rs 20 crore. The net interest margin is 2.7 per cent as against 7.5 per cent. Provisions of Rs. 3 crore have been made by the bank concerned to further strengthen the balance sheet.

The bank's core operating profit rose 15 per cent to Rs 512 crore. Total deposits have increased by 15 per cent to Rs 2,50,8 crore.

The board of ICICI Bank has approved raising funds of up to ત્રણ 3 billion a year through bonds, notes, offshore certificates of deposit. The issue of debt securities has been allowed to raise up to Rs 5,000 crore from the domestic market.

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