Money & Banking

ICICI Bank Q4 profit surges 260% to ₹4,402 crore

Our Bureau Mumbai | Updated on April 24, 2021

Net interest income rises 17% to ₹10,431 crore

Private sector lender ICICI Bank’s standalone net profit more than doubled by 260.4 per cent to ₹4,402.61 crore in the quarter ended March 31, 2021 with a robust increase in net interest income.

Its standalone net profit was ₹1,221.36 crore in the fourth quarter of 2019-20.

On a standalone basis, ICICI Bank’s net profit grew 104 per cent to ₹16,193 crore in 2020-21 from ₹7,931 crore in 2019-20.

Also read: ICICI Bank, SBI Cards see robust growth in credit cards

For the quarter ended March 31, 2021, the bank’s net interest income increased by 17 per cent to ₹10,431 crore from ₹8,927 crore in the same period a year ago.

The net interest margin was 3.84 per cent in the fourth quarter of 2020-21 compared to 3.67 per cent in the quarter ended December 31, 2020 and 3.87 per cent a year ago.

Non-interest income, excluding treasury income, grew three per cent to ₹4,137 crore in the quarter under review.

Provisions stood at ₹2,883.47 crore for the fourth quarter of 2020-21 versus ₹5,967.44 crore in the corresponding quarter in 2019-20.

During the fourth quarter of 2020-21, the bank utilised contingency provision totalling ₹3,509 crore towards proforma NPAs as of December 31, 2020.It also made additional Covid-19 related provisions of ₹1,000 crore during the fourth quarter of 2020-21.

Asset quality was stable. Gross non-performing assets stood at ₹41,373.42 crore or 5.33 per cent of gross advances as on March 31, 2021 as against 4.72 per cent as on December 31, 2020 and 6.04 per cent as on March 31, 2020.

Net NPAs were 1.24 per cent of net advances as on March 31, 2021 versus 1.54 per cent a year ago.

Dividend announced

The board also recommended a dividend of ₹2 per equity share of face value of ₹2 each, subject to requisite approvals.

The board of directors also approved fund raising by way of issuances of debt securities including by way of non-convertible debentures in domestic markets up to an overall limit of ₹20,000 crore by way of private placement and issuances of bonds/notes/offshore certificate of deposits in overseas markets up to $1.50 billion in single/multiple tranches for a period of one year, from the date of passing of resolution by the board.

Published on April 24, 2021

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