Business Today
Loading...

ICICI Bank Q3 profit soars 158% to Rs 4,146 crore as provisions decline

ICICI Bank Q3 results: Provisions (excluding taxes) declined by 51 per cent year-on-year to Rs 2,083 crore. Operating profit increased 22.8 per cent year-on-year during Q3 FY20 to Rs 7,548 crore

twitter-logo BusinessToday.In   New Delhi     Last Updated: January 25, 2020  | 17:56 IST
ICICI Bank Q3 profit soars 158% to Rs 4,146 crore as provisions decline
ICICI Bank Q3 profit: The private lender saw asset quality improve in December quarter

ICICI Bank Q3 results: Private sector lender ICICI Bank posted a whopping 158.36 per cent profit during the quarter ended December 31, 2019 as provisions halved. The bank reported a standalone net profit of Rs 4,146.46 crore during the quarter under review, as opposed to Rs 1,604.91 crore registered in the year-ago period.

Net interest income (NII), the difference between interest earned and interest expended, increased by 24 per cent on annual basis to Rs 8,545 crore in Q3 FY20 from Rs 6,875 crore in Q3 FY19, said ICICI Bank in a filing to the stock exchanges. The net interest margin was 3.77 per cent in December quarter this fiscal, compared to 3.64 per cent in the quarter ended September 30, 2019, and 3.40 per cent in Q3 FY19.

Operating profit increased 22.8 per cent during Q3 FY20 to Rs 7,548 crore, as compared to Rs 6,146 crore in the year-ago period. Provisions (excluding taxes) declined by 51 per cent year-on-year to Rs 2,083 crore in Q3 FY20 from Rs 4,244 crore in Q3 FY19

ALSO READ:Zee Entertainment share price falls 4% on decline in Q3 net profit

ICICI bank's total deposits increased by 18 per cent year-on-year to Rs 7,16,345 crore during the December quarter this fiscal. Meanwhile, average current and savings account (CASA) deposits increased by 15 per cent year-on-year during the quarter under review. As on December 31, 2019, the period-end CASA ratio was 47 per cent. Term deposits increased by 24 per cent year-on-year to Rs 3,79,936 crore during Q3 FY20.

On credit growth, ICICI Bank saw 16 per cent year-on-year growth in domestic advances during the December quarter this fiscal. The private lender's retail loan portfolio increased 19 per cent on annual basis during the quarter under review. Total advances increased by 13 per cent year-on-year to Rs 6,35,654 crore at December 31, 2019, from Rs 5,64,308 crore at December 31, 2018.

ALSO READ:Bank of Baroda posts loss of Rs 1,407 crore in December quarter

Asset quality improved during the quarter as net non-performing assets (NPAs) decreased by 36 per cent to Rs 10,389 crore in Q3 FY20 from Rs 16,252 crore in Q3 FY19. The net NPA ratio decreased to 1.49 per cent at December 31, 2019 from 2.58 per cent at December 31, 2018.

"The bank's total capital adequacy at December 31, 2019, as per Reserve Bank of India's guidelines on Basel III norms, including profits for 9M FY20, was 16.50 per cent and Tier-1 capital adequacy was 14.98 per cent compared to the minimum regulatory requirements of 11.08 per cent and 9.08 per cent, respectively," ICICI Bank said in its statement.

ALSO READ:JSW Steel Q3 net profit tanks 88% to Rs 187 crore

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close