ICICI Bank, the second largest private sector bank, reported a 14.8% year-on-year growth in net profit for the third quarter ended December 31 to ₹11,792 crore.
The bank’s net interest income (NII) increased by 9.1% year-on-year (YoY) to ₹20,371 crore.
The net interest margin was lower at 4.25% compared with 4.43% in the year ago period.
During the quarter the bank made higher provisions (excluding provision for tax) of ₹1,227 crore compared with ₹1,050 crore a year ago.
The gross NPA ratio was 1.96% at December 31, 2024 compared to 2.30% a year ago.
The net NPA ratio was 0.42% at December 31, 2024 compared to 0.44% in the same period last year.
The gross NPA additions were ₹6,085 crore out of which ₹5,300 crore were from retail and rural and the rest was from corporates, Sandeep Batra, Executive Director, ICICI Bank said over a conference call.
The bank typically witnesses higher NPA additions from the kisan credit card portfolio in the first and third quarter of a fiscal year.
He said the unsecured loan book was stable. “We are comfortable with it,” he added.
Recoveries and upgrades of NPAs, excluding write- offs and sale, were ₹3,392 crore in the quarter.
The net additions to gross NPAs, excluding write-offs and sale, were ₹2,693 crore and the bank has written-off gross NPAs amounting to ₹2,011 crore in the quarter.
The provisioning coverage ratio on non-performing loans was 78.2% at December 31,2024.
Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to ₹2,107 crore or 0.2% of total advances at the end of the quarter from ₹2,546 crore at September 30, 2024.
The bank holds provisions amounting to ₹691 crore against these borrowers under resolution, as of December 31, 2024.
In addition, the bank continues to hold contingency provisions of ₹13,100 crore at December 31, 2024.
The loan and non-fund based outstanding to performing corporate borrowers rated BB and below was ₹2,193 crore at December 31, 2024 compared to ₹3,386 crore at September 30, 2024.
The net domestic advances of the bank grew by 15.1% YoY at December 31, 2024. The retail loan portfolio grew by 10.5% YoY and comprised 52.4% of the total loan portfolio.
The business banking portfolio grew by 31.9% YoY, the rural portfolio grew by 12.2% YoY, domestic corporate portfolio grew by 13.2% YoY.
Total advances increased by 13.9% YoY to ₹13,14,366 crore at the end of the quarter, the bank said in a filing.
Total period-end deposits increased by 14.1% YoY to ₹ 15,20,309 crore at December 31, 2024. The bank’s consolidated profit after tax increased by 16.6% YoY to ₹12,883 crore from ₹11,053 crore a year ago.
Published - January 25, 2025 07:42 pm IST
