ICICI Bank net profit increased by 25% to Rs 6,194 crore

ICICI Bank net profit increased by 25% to Rs 6,194 crore

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.

ICICI Bank announced on Saturday that its net profit for the third quarter of the current financial year increased by 25% year on year to Rs 6,194 crore ($833 million). The bank’s core operating profit (profit before provisions and taxes, excluding treasury income) climbed by 25% year on year in the third quarter of 2021-22, to Rs 10,060 crore ($1.4 billion), up from Rs 8,054 crore ($1.1 billion) in the previous quarter. In the October-December 2021 quarter, net interest income climbed by 23% year on year to Rs 12,236 crore ($1.6 billion), up from Rs 9,912 crore ($1.3 billion) the previous 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.

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