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Monday, May 17, 2021

ICICI Bank Q4 standalone profit surges 261%

At Rs 4,403 crore, rising from Rs 1,221.4 crore in March quarter of 2019-20.

By: ENS Economic Bureau | Mumbai |
Updated: April 25, 2021 1:37:46 am
During Q4 last fiscal, the ICICI Bank utilised contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as these loans have now been classified as per the RBI guidelines. (Representational Image)

Private-sector lender ICICI Bank on Saturday reported a massive 261 per cent year-on-year growth in standalone profit at Rs 4,403 crore for the quarter ended March 2021 as against Rs 1,221.4 crore in the same period of last year.

Net interest income (NII) increased by 17 per cent year-on-year to Rs 10,431 crore from Rs 8,927 crore. The net interest margin was 3.84 per cent in the latest quarter as against 3.87 per cent a year ago.

Provisions (excluding provision for tax) were Rs 2,883 crore in Q4 of FY21 compared to Rs 5,967 crore in Q4 of FY20.

During Q4 last fiscal, the bank utilised contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as these loans have now been classified as per the RBI guidelines.

Further, the bank made additional Covid-19-related provisions of Rs 1,000 crore during Q4. It held Covid-related provision of Rs 7,475 crore. The profit before tax was Rs 5,657 crore in Q4 of FY21 compared to Rs 1,423 crore in Q4 of FY20.

Gross non-performing assets (NPAs) were Rs 41,373 crore (4.96 per cent) in March 2021 as against Rs 41,409 crore (5.53 per cent) a year ago. During the quarter, the gross NPA additions, excluding borrowers in the proforma NPAs as of December 31, 2020, were Rs 5,523 crore.

Recoveries and upgrades, excluding recoveries from proforma NPAs, write-offs and sale, from non-performing loans were Rs 2,560 crore in Q4FY21.

The retail loan portfolio grew by 20 per cent year-on-year and 7 per cent sequentially at March 31, 2021. Retail loans comprised 67 per cent of the total loan portfolio at March 31, 2021.

Including non-fund outstanding, the bank’s retail was 55 per cent of the total portfolio at March 31, 2021.

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