ICICI Bank gains after Q3 PAT rises 25% YoY

24 Jan 2022 , 09:28 AM

Total income during the quarter rose by 11% YoY to Rs 27,070 crore.

The profit before tax increased by 34% to Rs 8,141 crore in Q3 FY22 from Rs 6,078 crore in Q3 FY21.

The core operating profit (profit before provisions and tax, excluding treasury income) increased by 25% to Rs 10,060 crore in the quarter ended 31 December 2021 from Rs 8,054 crore in the quarter ended 31 December 2020.

Net interest income (NII) in Q3 FY22 stood at Rs 12,236 crore, up by 23% from Rs 9,912 crore in Q3 FY21. The net interest margin was 3.96% in the quarter ended 31 December 2021 as against 3.67% in the quarter ended 31 December 2020 and 4% in the quarter ended 30 September 2021.

Provisions (excluding provision for tax) declined by 27% to Rs 2,007 crore in Q3 FY22 from Rs 2,742 crore in Q3 FY21. Provision coverage ratio was 79.9% at 31 December 2021.

The bank continues to hold COVID-19 provisions of Rs 6,425 crore as of 31 December 2021.

The net non-performing assets aggregated to Rs 7,344 crore as at 31 December 2021 as against Rs 8,161 crore as at 30 September 2021 and Rs 4,861 crore as at 31 December 2020.

The net NPA ratio was 0.85% as at 31 December 2021 as against 0.99% as at 30 September 2021 and 0.63% as at 31 December 2020.

Total deposits increased by 16% YoY and 4% sequentially to Rs 10,17,467 crore as at 31 December 2021. Average current account deposits increased by 34% YoY. Average savings account deposits increased by 25% YoY.

Total advances increased by 16% YoY and 6% sequentially to Rs 8,13,992 crore as at 31 December 2021. The domestic advances grew by 18% YoY and 6% sequentially at 31 December 2021. The retail loan portfolio grew by 19% YoY and 5% sequentially, and comprised 61.3% of the total loan portfolio as at 31 December 2021.

ICICI Bank is the second largest private sector bank in India. The bank had a network of 5,298 branches and 13,846 ATMs at 31 December 2021.

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