ICICI Bank on Saturday reported 19 per cent year-on-year (YoY) increase in its net profit for October-December quarter of the ongoing financial year at Rs 4,940 crore. Sequentially, net profit rose 16 per cent from Rs 4,251 crore in preceding July-September quarter.
The private sector lender's net interest income grew 16 per cent to Rs 9,912 crore during October-December. Net interest margin contracted to 3.67 per cent from 3.77 per cent in December quarter of previous year. However, it expanded 10 basis points from 3.57 per cent in September quarter.
The bank's total deposits increased 22 per cent YoY to Rs 8,74,348 crore as on Decmber 31, 2020. The current account and savings account (CASA) deposits grew by 19 per cent, while average CASA ratio was at 41.8 per cent during the quarter, ICICI Bank said in a release.
The bank's net NPA (non-performing asset) ratio stood at 0.63 per cent as of December 31, 2020. However, if not for the Supreme Court order, which said that the accounts not declared as NPA till August 31, 2020, should not be declared NPA till further orders, ICICI Bank's net NPA ratio would have been 1.26 per cent.
"During Q3-2021, the Bank made contingency provision amounting to Rs 3,012.16 crore for borrower accounts not classified as non-performing pursuant to the interim order of the Supreme Court. The Bank utilised Rs 1,800.00 crore of COVID-19 related provisions made in the earlier periods," ICICI Bank said.
As on December 31, 2020, it held aggregate COVID-19-related provision of Rs 9,984.46 crore, including contingency provision amounting to Rs 3,509.46 crore. The bank's provision coverage ratio on a proforma basis stood at 77.6 per cent.
Total advances rose 10 per cent YoY to Rs 6,99,017 crore as on December 31. Domestic advances grew 13 per cent, led by a 15 per cent growth in retail loan portfolio and 10 per cent growth in corporate portfolio.
"The continued pickup in economic activity and tailwinds from the festive season combined with the bank's digital initiatives and extensive franchise reflected in an increase in disbursements across retail products during Q3-2021," it said.
On a consolidated basis, the bank's net profit rose 18 per cent to Rs 5,498 crore. During the quarter, ICICI Bank sold equity shares representing 2.21 per cent stake in ICICI Securities Limited, and made a net gain of Rs 328.64 crore in standalone financial results and Rs 301.05 crore in consolidated financial results, it said.
Shares of ICICI Bank on Friday closed 1.68 per cent higher at Rs 537 on the BSE.