ICICI Bank Q4 net profit up 57.98% at Rs7,719cr on lower provisioning for bad assets in the quarter

24 Apr 2022 , 12:40 PM

ICICI Bank Ltd reported -1.46% yoy fall in total consolidated revenues in the Mar-22 quarter at Rs42,834cr. Revenues of HDFC Bank were up 7.45% on a sequential basis. In terms of top line revenues,

ICICI Bank saw growth in retail banking, treasury wholesale banking revenues. However, the insurance related revenues were sharply lower in the quarter due to higher insurance losses, which led to fall in revenues in the quarter.

Net interest income was up 21% yoy in Q4 at Rs12,605cr. Deposits in the quarter were up 14% with CASA accounting for 45% of total deposits. Domestic loan portfolio grew by 17% on a yoy basis.

For the Mar-22 quarter, the core operating profits were up 19% yoy at Rs8,565cr. Net interest margins (NIM) increased from 3.84% in last year and in 3.96% in the sequential quarter to touch 4% in the Mar-22 quarter.

Operating margin or OPM improved from a level of 22.68% in Mar-21 to 26.91% in the Mar-22 quarter. OPMs were also lower by 106 bps on a sequential basis.

Profit after tax (PAT) for the Mar-22 quarter was up by 57.98% at Rs7,719cr. This was on the back of stable NIMs and lower provisions. For Q4, the provisions and contingencies were lower by 63% yoy falling from Rs2,883cr to Rs1,069cr compared to last year.  

Credit costs also eased in the quarter. Consequently, the PAT margins improved from 11.22% to 18.02% in the same period compared to the year ago quarter. However, net margins were higher by 162 bps on a sequential basis.

Financial highlights for Mar-22 compared yoy and sequentially

	ICICI Bank Ltd
Rs in Crore	Mar-22	Mar-21	YOY	Dec-21	QOQ
Total Income	₹ 42,834	₹ 43,568	-1.68%	₹ 39,866	7.45%
Operating Profit	₹ 11,528	₹ 9,879	16.69%	₹ 11,152	3.38%
Net Profit	₹ 7,719	₹ 4,886	57.98%	₹ 6,537	18.09%
Diluted EPS	₹ 10.88	₹ 6.93		₹ 9.21
Operating Margins	26.91%	22.68%		27.97%
Net Margins	18.02%	11.22%		16.40%
Gross NPA Ratio	3.60%	4.96%		4.13%
Net NPA Ratio	0.76%	1.14%		0.86%
ROA (Not Annualized)	2.11%	1.51%		1.90%
Capital Adequacy	19.16%	19.12%		17.91%