ICICI Bank’s Q3FY21 net profit rises 19%

Mumbai, Jan 30 (SocialNews.XYZ) Private lender ICICI Bank on Saturday reported a net profit of 19 per cent for the quarter ended December 31, 2020.

Accordingly, the company's profit after tax grew to Rs 4,940 crore during the quarter under review from Rs 4,146 crore in the quarter ended December 31, 2019.

According to the lender, its net interest income (NII) increased by 16 per cent year-on-year to Rs 9,912 crore in Q3-2021 from Rs 8,545 crore in the corresponding quarter of previous quarter.

"Domestic loans grew by 13 per cent year-on-year at December 31, 2020," the bank said in a statement.

Besides, the net non-performing asset (NPA) ratio was 0.63 per cent at December 31, 2020; on a proforma basis, including loans not classified as non-performing pursuant to the Supreme Court's interim order and contingency provisions for the same.

The net NPA ratio would have been 1.26 per cent compared to 1.12 per cent at September 30, 2020 and 1.41 per cent at March 31, 2020.

"Provision coverage ratio on a proforma basis was 77.6 per cent at December 31, 2020."

"At December 31, 2020, the Bank held aggregate Covid-19 related provision of Rs 9,984 crore including contingency provision for proforma NPAs amounting to Rs 3,509 crore for loans not classified as non- performing pursuant to the Supreme Court's interim order."

As per the statement, the consolidated profit after tax was Rs 5,498 crore in Q3- 2021 compared to Rs 4,882 crore in Q2-2021 and Rs 4,670 crore in Q3-2020.

"The consolidated return on equity was 14.6 per cent in Q3-2021."

Source: IANS