ICICI Bank Q3 Net Profit Rises 19% To Rs 6,536 Crore

ICICI Bank’s net profit for December quarter rose by 19 per cent

New Delhi:

Country’s second largest private sector lender ICICI Bank has reported a huge 18.8 per cent jump in its consolidated net profit to Rs 6,536.55 crore for the third quarter ended in December 2021.

It had posted a consolidated net profit of Rs 5,498.15 crore during the corresponding period of last year.

On a standalone basis, the bank recorded a 25 per cent rise in the post-tax profit at Rs 6,194 crore for the quarter, up from Rs 4,939.59 crore in the October-December 2020, ICICI Bank said in a regulatory filing.

The bank’s net interest income (NII), or the core income a bank earns by giving loans, was up 23.44 per cent to Rs 12,236.04 crore from Rs 9,912.46 crore last year. Other income grew 6.42 per cent to Rs 4,987.07 crore.

Provisions and contigencies fell 26.8% to Rs 2,007.30 crore from Rs 2,741.72 crore year-on-year.

Gross non performing assets (NPAs) rose 6.3 per cent to Rs 37,052.74 crore in the third quarter of the current fiscal from Rs 34,860.43 crore during the corresponding period of last year.

As a percentage of total loans, gross NPAs improved 4.13 per cent as compared to 4.82 per cent in the previous quarter and 4.28 per cent in the year-ago quarter.

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