ICICI Bank logs 25% yoy rise in Q3 PAT to Rs6,194cr, net interest income garners 23% yoy growth; Asset quality improves

24 Jan 2022 , 01:49 PM

Private lender, ICICI Bank logged a 25% rise in standalone profit of Rs6,194cr in the quarter ending December 2021(Q3FY22), compared to Rs4,940cr in the same quarter last year.

Net interest income (NII) increased by 23% year-on-year to Rs12,236cr (US$ 1.6 billion) in Q3-2022 from Rs9,912cr (US$ 1.3 billion) in Q3-2021. The net interest margin was 3.96% in Q3-2022 compared to 3.67% in Q3-2021 and 4.00% in the quarter ended September 30, 2021 (Q2-2022).

The Bank’s provisions (excluding provision for tax) declined by 27% year-on-year to Rs2,007cr (US$ 270 million) in Q3-2022 from Rs2,742cr (US$ 369 million) in Q3-2021.

In terms of asset quality, in the quarter, there were net deletions from gross NPAs of Rs191cr (US$ 26 million), excluding write-offs and sales, compared to net additions of Rs96cr (US$ 13 million) in Q2-2022. The gross NPA additions declined to Rs4,018cr (US$ 541 million) in Q3-2022 from Rs5,578cr (US$ 750 million) in Q2-2022 and Rs7,231cr (US$ 973 million) in the quarter ended June 30, 2021 (Q1-2022). Recoveries and upgrades of NPAs, excluding write-offs and sales, were Rs4,209cr (US$ 566 million) in Q3-2022. The gross NPAs written off in Q3-2022 were Rs4,088cr (US$ 550 million).

Further, the net non-performing assets declined by 10% sequentially to Rs7,344cr (US$ 988 million) at December 31, 2021 from Rs8,161cr (US$ 1.1 billion) at September 30, 2021. The net NPA ratio declined to 0.85% at December 31, 2021 from 0.99% at September 30, 2021.

The Bank had a network of 5,298 branches and 13,846 ATMs on December 31, 2021.

At around 1.45 pm, ICICI Bank stock was trading at Rs794.45 per piece down by 1.3% on Sensex. The stock was near the day’s low of Rs791 per piece.