ICICI Bank Q4 Results: Net profit soars 59% to over Rs 7,000 cr

ICICI Bank on Saturday announced that it has recorded a 59 per cent jump in standalone net profit at Rs 7,019 crore for the quarter ended March 31, 2022. The profit figure stood at Rs 4,403 crore for the same period last year.

In FY22, ICICI Bank's standalone net profit grew 44 per cent year-on-year to Rs 23,339 crore from Rs 16,193 crore in the year ended March 31, 2021

Net interest income (NII) increased by 21 per cent year-on-year to Rs 12,605 crore in the January-March quarter of FY22 from Rs 10,431 crore in Q4FY21. The net interest margin was 4.00 per cent in Q4 of FY22 compared to 3.84 per cent in Q4 of FY21and 3.96 per cent in the quarter ended December 31, 2021.

The bank's core operating profit (profit before provisions and tax, excluding treasury income) increased by 19 per cent year-on-year to Rs 10,164 crore in Q4-2022 from Rs  8,565 crore in the quarter ended March 31, 2021. Excluding dividend income from subsidiaries/associates, core operating profit grew by 21 per cent year-on-year in Q4 of FY22.

Non-interest income, excluding treasury income, increased by 11 per cent year-on-year to Rs 4,608 crore in Q4-2022 from Rs 4,137 crore in Q4-2021.

ICICI Bank saw a treasury gain of  Rs 129 crore in Q4 of FY22  compared to a loss of Rs 25 crore in the same quarter last year. 
 
Provisions, excluding provision for tax,  declined by 63 per cent year-on-year to Rs 1,069 crore in the January-March quarter of FY22 from Rs 2,883 crore in Q4 of FY21. Provisions for Q4-2022 included contingency provision of Rs 1,025 crore made on a prudent basis

ICICI Bank's total deposits increased by 14 per cent year-on-year and 5 per cent sequentially to Rs 1,064,572 crore (US$ 140.5 billion) at March 31, 2022. 

The net non-performing assets declined by 24 per cent year-on-year and 5 per cent sequentially to Rs 6,961 crore on March 31, 2022. The net NPA ratio declined to 0.76 per cent on March 31, 2022 from 0.85 per cent on December 31, 2021 and 1.14 per cent on March 31, 2021.

"The Board has recommended a dividend of Rs 5 per share (equivalent to dividend of US$ 0.13 per ADS) in line with applicable guidelines. The declaration of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course," noted ICICI Bank in an official statement. 

ICICI Bank had a network of 5,418 branches and 13,626 ATMs as of March 31, 2022.

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