ICICI Bank Q3 results: Net profit up 25% to Rs 6,194 crore

Private sector lender ICICI Bank on Saturday reported a 25 per cent year-on-year (YoY) rise in its net profit for October-December quarter at Rs 6,194 crore. The bank had reported a profit of Rs 5,511 crore in the preceding July-September quarter.

Net interest income (NII) grew 23 per cent YoY to Rs 12,236 crore during the quarter under review, while net interest margin stood at 3.96 per cent during December 2021 as against 3.67 per cent in the same quarter a year ago and 4 per cent in the quarter ended September 30, 2021.

The bank's total deposits increased 16 per cent YoY and 4 per cent sequentially to Rs 10,17,467 crore as of December 31, 2021. Average current account deposits increased 34 per cent YoY, while average savings account deposits grew 25 per cent YoY.

On credit growth, ICICI Bank said in a release, "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." 

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The bank's business banking portfolio grew 39 per cent YoY and 9 per cent sequentially, while the SME business, comprising of borrowers with a turnover of less than Rs 250 crore, grew 34 per cent YoY and 10 per cent sequentially.

The domestic advances grew by 18 per cent YoY and 6 per cent sequentially as of December 31, 2021, while total advances increased 16 per cent YoY and 6 per cent sequentially.

The net non-performing assets declined by 10 per cent sequentially to Rs 7,344 crore as of December 31, 2021 from Rs 8,161 crore as on 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," it said.

"During Q3-2022, 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 gross NPA additions declined to Rs 4,018 crore in Q3-2022 from Rs 5,578 crore in Q2-2022 and Rs 7,231 crore in the quarter ended June 30, 2021 (Q1-2022)," the bank said.

The provision coverage ratio stood at 79.9 per cent as of December 31, 2021. On a consolidated basis, ICICI Bank's profit rose 19 per cent YoY to Rs 6,536 crore.

Shares of ICICI Bank closed 0.66 per cent lower at Rs 804.60 on the BSE on Friday.

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