ICICI Bank Q3 net profit up 18.9% at Rs6,537cr on sharply lower provisioning at Rs2,128cr

23 Jan 2022 , 08:02 PM

ICICI Bank reported -1.37% yoy fall in total consolidated revenues in the Dec-21 quarter at Rs39,866cr. Revenues of ICICI were up 0.97% on a sequential basis. In terms of top line revenues,

ICICI Bank saw all round growth across treasury, wholesale banking and retail banking. Operating profits across wholesale banking and retail banking were up on yoy basis while treasury profits were lower yoy.

The provisions for doubtful assets in the Dec-21 quarter at Rs2,129cr was 21% lower compared to the Dec-20 quarter.

For the Dec-21 quarter, the operating profits were up 9.08% at Rs11,152cr. Net interest income or NII was up 23% yoy at Rs12,236cr while the net interest margins or NIM improved very sharply from 3.67% to 3.96%, bringing it almost on par with HDFC Bank on NIMs.

Not interest income was higher by 25% yoy. Domestic loan portfolio grew by 18% yoy while the average CASA deposit component stood at 45%. Operating margin or OPM expanded from a level of 25.29% in Dec-20 to 27.97% in Dec-21 quarter.

Profit after tax (PAT) for the Dec-21 quarter was up by 18.89% at Rs6,537cr. This was due to better interest spreads, higher other income and lower provisioning for doubtful debts.

Consequently, the PAT margins improved from 13.60% to 16.40% in the same period. Gross NPAs at above 4% still need to be worked on.

Financial highlights for Dec-21 compared yoy and sequentially

	ICICI Bank Ltd
Rs in Crore	Dec-21	Dec-20	YOY	Sep-21	QOQ
Total Income	₹ 39,866	₹ 40,419	-1.37%	₹ 39,484	0.97%
Operating Profit	₹ 11,152	₹ 10,223	9.08%	₹ 11,125	0.24%
Net Profit	₹ 6,537	₹ 5,498	18.89%	₹ 6,092	7.30%
Diluted EPS	₹ 9.21	₹ 7.84		₹ 8.60
Operating Margins	27.97%	25.29%		28.18%
Net Margins	16.40%	13.60%		15.43%
Gross NPA Ratio	4.13%	4.38%		4.82%
Net NPA Ratio	0.85%	0.63%		0.99%
Return on Assets (Ann)	1.90%	1.70%		1.79%
Capital Adequacy	17.91%	18.04%		18.33%