ICICI Bank Q3 results: ICICI Bank Q3 results: Profit soars 158%, provisions drop by half

NEW DELHI: ICICI Bank on Saturday posted 158.32 per cent year-on-year rise in standalone profit at Rs 4,146 crore for the quarter ended December 31. The profit figure stood at Rs 1,605 crore for the same period last year.

The bank set aside Rs 2,083.20 crore towards provisions and contingencies, down 51 per cent from Rs 4,244 crore it had provisioned for the year-ago quarter. Recoveries, upgrades and other deletions, excluding writeoffs, for the quarter stood at Rs 4,088 crore, the bank said in a BSE filing.

Net interest income (NII) rose 24 per cent YoY to Rs 8,545 crore from Rs 6,875 crore in the year-ago quarter. Fee income rose 17 per cent to Rs 3,596 crore. Retail fees constituted 77 per cent of total fee income, the bank said. Treasury income grew 11 per cent to Rs 531 crore from Rs 479 crore.

Non-interest income, excluding treasury income, stood at Rs 4,043 crore against Rs 3,404 crore YoY.

Net interest margin (NIM) came in at 3.77 per cent against 3.64 per cent in September quarter and 3.40 per cent in the year-ago quarter.

Gross NPA for the quarter fell to 5.95 per cent from 6.37 per cent in September quarter and 7.75 per cent in the same quarter last year.

Loan growth for the quarter stood at 16 per cent YoY, with retail loans expanding 19 per cent YoY and the corporate portfolio 12 per cent.

The bank’s balance sheet crossed the Rs 10 lakh crore mark, as total assets rose to Rs 10,07,068 crore as of December 31.

Core operating profit (profit before provisions and tax, excluding treasury income) grew 24 per cent to Rs 7,017 crore.