Mumbai: Private sector lender ICICI Bank on Saturday reported a 260.47% year-on-year (y-o-y) rise in net profit to ?4,402.61 crore for the three months to March on the back of rise in net interest income (NII) and lower provisioning. The bank posted a net profit of ?1,221.36 crore in the year ago-quarter.
However, its profit was lower than ?4,507.10 crore estimated by a Bloomberg poll of 5 analysts.
Net interest income, the difference between interest earned and interest expended, grew 16.85% YoY to ?10,431.13 crore for the quarter ended 31 March over ?8,926.89 crore in the same quarter last year.
Provisions fell 51.68% during the March quarter to ?2,883.47 crore against ?5967.44 crore in the corresponding quarter last year.
Gross non-performing assets (NPAs) as a percentage of total loan rose to 4.96% as compared to 5.53% a year ago and 4.38% in the previous quarter ended December.
Net NPAs fell to 1.14% from 1.41% in the same quarter last year and 0.63% in the previous quarter.
Non-interest income fell 3.38% to ?4,111.35 crore for the March 2021 quarter compared with ?4,254.98 crore in MArch 2020 quarter.
Total advances during the June quarter grew 13.71 % YoY to ?7.34 trillon and Deposits rose 20.95% year-on-year to ?9.33 trillion.
Shares of ICICI Bank closed at ?570.05 on the BSE on Friday, down 1.57% from its previous close, while the benchmark index, Sensex lost 0.42% to close at 47,878.45 points.
News Source:- Livemint