Private sector lender ICICI Bank’s net profit more than doubled in the third quarter of the fiscal led by strong revenue growth and improvement in asset quality.

The bank’s standalone net profit in the quarter ended December 31, 2019 stood at Rs 4,146.46 crore as against Rs 1,604.91 crore in the same period a year ago.

Its total income grew by 17.2 per cent to Rs 23,638.26 crore in the October to December 2019 quarter as compared to Rs 20,163.25 crore in the corresponding period a year ago.

Net interest income increased by 24 per cent year-on-year to Rs 8,545 crore in the third quarter this fiscal from Rs 6,875 crore a year ago.

The net interest margin was 3.77 per cent in the third quarter of 2019-20 compared to 3.64 per cent in the quarter ended September 30, 2018 and 3.4 per cent in the third quarter last fiscal.

Other income also grew by 17.8 per cent to Rs 4,573.98 crore in the quarter under review. Provisions (excluding taxes) declined by 51 per cent year-on-year to ₹ 2,083 crore in the third quarter this fiscal from ₹ 4,244 crore in the same period last fiscal.

Gross non-performing assets remained high but declined to Rs 43 453.86 crore or 6.39 per cent of gross advances as on December 31, 2019 from 8.54 per cent a year ago. Net NPAs also improved to Rs 10 388.50 crore or 1.6 per cent of net advances at the end of the third quarter this fiscal compared to 2.87 per cent as on December 31, 2018.

“The year-on-year growth in domestic advances was 16 per cent at December 31, 2019,” ICICI Bank said in a statement on Saturday, adding that total advances increased by 13 per cent year-on-year to Rs 6,35,654 crore.

Total deposits increased by 18 per cent year-on-year to Rs 7,16,345 crore at December 31, 2019. The bank had a network of 5,275 branches and 15,589 ATMs at December 31, 2019.

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