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ICICI Bank recorded a strong March 2022 (Q4FY22) quarter with net income crossing more than the ₹7,000 crore mark. The lender earned a net profit of ₹7,019 crore in Q4FY22 rising by a whopping 59% year-on-year.
The bank had posted a net profit of ₹4,403 crore in the March quarter of the previous fiscal FY21.
Net interest income which is the difference between interest earned and interest expended, stood at ₹12,605 crore in Q4FY22 up by 21% from ₹10,431 in the same quarter a year ago.
Net interest margin was 4.00% in Q4-2022 compared to 3.84% in Q4-2021 and 3.96% in the quarter ended December 31, 2021 (Q3-2022).
Provisions and contingencies in the Q4FY22 drastically dropped to ₹1,068.95 crore compared to ₹2 883.47 crore in Q4 last year.
The provision coverage ratio on non-performing assets was 79.2% on March 31, 2022.
The bank's asset quality also improved as gross NPA stood at 3.60% in Q4FY22 versus 4.96% in Q4FY21 and 4.13% in Q3FY22. Net NPA stood at 0.76% in Q4FY22 against 1.14% in Q4FY21 and 0.85% in Q3FY22.
Core operating profit (profit before provisions and tax, excluding treasury income) grew by 19% year-on-year to ₹10,164 crore ( $1.3 billion) in the quarter ended March 31, 2022 (Q4-2022).
Meanwhile, total deposits grew by 14% year-on-year to ₹10,64,572 crore ($ 140.5 billion) as of March 31, 2022. The average CASA ratio was 45% in Q4-2022.
While the domestic loan portfolio grew by 17% year-on-year.
On a standalone basis, the profit after tax grew by 44% year-on-year to ₹23,339 crore ($ 3.1 billion) in FY2022 from Rs16,193 crore ($ 2.1 billion) in the year ended March 31, 2021 (FY2021).
The Board has recommended a dividend of ₹5 per share (equivalent to a dividend of $ 0.13 per ADS) in line with applicable guidelines. The declaration of dividends is subject to requisite approvals. The record/book closure dates will be announced in due course.