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Q3: ICICI Bank net rises 19%, asset quality improves

ICICI Bank’s asset quality improved, with gross non-performing assets declining to 4.38 per cent in the latest quarter from 5.95 per cent last year.

By: ENS Economic Bureau | Mumbai |
January 31, 2021 1:01:40 am
ICICI Bank asset quality, ICICI Bank profit, ICICI Bank net rise, ICICI Bank NPA decline, economy news, Indian express newsThe bank said total deposits grew by 22 per cent year-on-year to Rs 874,348 crore, with 19 per cent growth in average current and savings account (CASA) deposits in Q3 of 2021.

Private sector lender ICICI Bank has reported a 19 per cent year-on-year rise in net profit at Rs 4,940 crore in the quarter ended December, compared to Rs 4,146 crore in the year-ago period.

The bank’s asset quality improved, with gross non-performing assets declining to 4.38 per cent in the latest quarter from 5.95 per cent last year. The bank held aggregate Covid-19-related provision of Rs 9,984 crore, including contingency provision for proforma NPAs amounting to Rs 3,509 crore for loans not classified as non-performing in the wake of the Supreme Court’s interim order.

The bank said the asset quality indicators are seeing an improvement. According to the bank, loans worth Rs 8,280 crore were not classified as NPA, owing to the Supreme Court order. This included retail loans worth Rs 7,521 crore and Rs 759-crore worth corporate and small business loans.

The bank said total deposits grew by 22 per cent year-on-year to Rs 874,348 crore, with 19 per cent growth in average current and savings account (CASA) deposits in Q3 of 2021.

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