Private sector lender ICICI Bank today reported a net profit of ?969 crore in the fourth quarter ended March 31, 2019, dented by higher expenses. This was lower than ?2,129 crore profit expected by analysts. Total expenses jumped 18.1% to ?14,680 crore. In comparison, the bank had posted a net profit of ?1,020 crore in the same period last year.
Here are key highlights of ICICI Bank Q4 results:
The net NPA ratio decreased from 2.58% at December 31, 2018 to 2.06% at March 31, 2019.
Net interest income (NII) increased by 27% year-on-year to ?7,620 crore in Q4-2019 from ?6,022 crore in the quarter ended March 31, 2018 (Q4-2018).
NII in Q4-2019 includes ?414 crore of interest on income tax refund
The net interest margin was 3.72% in Q4-2019 compared to 3.40% in the quarter ended December 31, 2018
Provisions were ?5,451 crore (US$ 788 million) in Q4-2019 compared to ?6,626 crorein Q4-2018
The gross additions to NPA were ?3,547 crore in Q4-2019 compared to ?2,091 crore in Q3-2019. The gross NPA additions in Q4-2019 include an account in the sugar sector where the payment obligations are being met, which has been classified as non-performing pursuant to a regulatory interpretation communicated to banks relating to change in management.
Recoveries and upgrades of non-performing loans were ?1,522 crore in Q4-2019