Private sector lender ICICI Bank on Monday reported a 50.37 per cent decline in standalone net profit after tax (PAT) at Rs 3,363 crore for the financial year ended March 31, 2019, as compared to Rs 6,777 crore in the last fiscal.
The bank's net interest income (NII), difference between interest earned and interest expended, increased by 17.32 per cent to Rs 27,015 crore in FY19 from Rs 23,026 crore in the previous year, ICICI Bank said in a filing to the Bombay Stock Exchange.
As on March 31, 2019, net interest margin (NIM) stood at Rs 13,146 crore versus Rs 11,618 core in the last fiscal. Total advances increased by 15 per cent year-on-year to Rs 586,647 crore in FY19 as compared to Rs 512,395 crore FY18.
The bank's standalone operating profit slipped to Rs 23,438 crore in FY19 from Rs 24,742 crore in FY18. Provisions and contingencies rose to Rs 19,661 crore from Rs 17,307 crore.
The Mumbai-headquartered bank's asset quality improved in FY19 with gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - declining to 6.70 per cent versus 8.84 per cent in the previous year. Net NPA also declined to 2.06 per cent as compared to 4.77 per cent in the corresponding period last year.
On the quarterly basis, the bank posted standalone PAT at Rs 969 crore compared to Rs 1,020 crore in Q4-2018. The NII of the lender surged 27 per cent to Rs 7,620 crore in Q4FY19 from Rs 6,022 crore in Q4FY18. The NII includes Rs 414crore of interest on income tax refund, it said.
"The strong operating performance in FY2019 was driven by robust deposit growth, healthy growth in the loan portfolio, expansion in net interest margin and improvement in fee income growth," the bank informed the exchange.
The net interest margin was 3.72 per cent in Q4-2019 compared to 3.40 per cent in the quarter ended December 31, 2018 (Q3-2019), it added.
The ICICI Bank's board has recommended a dividend of Rs 1 per equity share of face value of Rs 2 each, subject to shareholders' approval at the ensuing Annual General Meeting to be held on August 9, 2019.
ICICI Bank shares closed trade 0.11 per cent lower at Rs 401.40 apiece on the Bombay Stock Exchange on Monday.
Edited by Chitranjan Kumar