ICICI Bank Q4 profit jumps 3-folds to Rs 4,403 crore
Net interest income (NII) increased by 17% year-on-year to Rs 10,431 crore in Q4FY21
ICICI Bank on Saturday reported more than three-fold jump in its standalone net profit to Rs 4,403 crore for the January-March quarter of 2020-21. The bank had posted a net profit of Rs 1,221 crore in the year-ago quarter.
Net interest income (NII) increased by 17% year-on-year to Rs 10,431 crore in Q4FY21 from Rs 8,927 crore in Q4FY20.
The net interest margin was up by 17 basis points (bps) to 3.84% in Q4FY21 as compared to 3.67% per cent in the quarter ended December 31, 2020. On a yearly basis, it was marginally down by 3 bps to 3.87% Q4FY20.
Gross non-performing assets (NPAs) or bad loans of the bank fell to 4.96% of the gross advances by the end of March 2021 as against 5.53% by March 31, 2020. Net NPAs too came down to 1.14% as against 1.41%.
Provisions for bad loans and contingencies were cut to Rs 2,883.47 crore for the reported quarter, from Rs 5,967.44 crore parked aside in year-ago same quarter.
On a consolidated basis, the net profit of the private sector lender jumped to Rs 4,886 crore in the March quarter from Rs 1,251 crore in the last quarter of 2019-20.
Income on a consolidated basis rose to Rs 43,621 crore from Rs 40,121 crore for the reported quarter.
The bank’s board has recommended a dividend of Rs 2 per share.