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ICICI Bank posts 26% rise in Q4 net, sets aside Rs 2,725 cr for COVID-19-related provisions

Gross non-performing assets of the bank fell to 5.53 per cent of advances (Rs 41,409 crore) in Q4 of FY20 from 6.70 per cent (Rs 46,291 crore) a year ago.

By: ENS Economic Bureau | Mumbai | Updated: May 10, 2020 12:54:24 am
icici bank, icici bank q4 report, icici bank q4 profit, covid-19, icici bank covid-19, indian banking sector, coronavirus india news, indian express news ICICI has received no-objection from the Reserve Bank of India (RBI) for its proposal of shifting of the registered office. (Source: Bloomberg)

Private lender ICICI Bank on Saturday reported a 26 per cent year-on-year increase in net profit to Rs 1,221 crore for the quarter ended March 2020 from Rs 969 crore in the same period a year ago. Excluding COVID-19 related provisions, the net profit would have been Rs 3,260 crore, the bank said.

The board of the bank has approved a proposed to raise up to Rs 25,000 crore by way of issuances of debt securities, including non-convertible debentures in domestic markets by way of private placement.

It also accorded approval to issuances of bonds, notes or offshore certificate of deposits in overseas markets up to $3 billion in single or multiple tranches in the next one year.

The board further approved shifting of the registered office of the bank from Gujarat to Maharashtra and consequential amendment in the Memorandum of Association of the bank.

The private lender has received no-objection from the Reserve Bank of India (RBI) for its proposal of shifting of the registered office. Provisions (excluding COVID-19 related provisions and provision for tax) were at Rs 3,242 crore in the latest quarter.

“The bank has made COVID-19 related provisions of Rs 2,725 crore to further strengthen the balance sheet,” ICICI Bank said.

Gross non-performing assets (NPAs) declined to 5.53 per cent of advances (Rs 41,409 crore) in Q4 of FY20 from 6.70 per cent (Rs 46,291 crore) a year ago.

The year-on-year growth in domestic advances was 13 per cent as of March 2020. “The bank has continued to leverage its strong retail franchise, resulting in a 16 per cent year-on-year growth in the retail loan portfolio. Including non-fund outstanding, retail was 53.3 per cent of the total portfolio as of March 2020,” ICICI Bank said.

Total deposits increased by 18 per cent to Rs 7,70,969 crore as of March 2020. Net interest income increased by 17 per cent year-on-year to Rs 8,927 crore in Q4-2020 from Rs 7,620 crore a year ago, it said. During the quarter, the gross additions to NPAs were Rs 5,306 crore, while recoveries and upgrades, excluding write-offs, from non-performing loans were Rs 1,883 crore in Q4 of 2020.

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