ICICI Bank Q3 results: Net profit jumps 25% to Rs 6,194 cr; NII rises 23%

The bank reported improvement in gross NPAs ratio at 4.13% from 4.38% at the end of the third quarter of the previous year

Private sector lender ICICI Bank on Saturday reported 25% jump in standalone net profit at Rs 6,194 crore for the quarter ending December 31, 2021. It was Rs 4,940 crore in the year-ago period.

Net interest income grew by 23% to Rs 12,236 crore in Q3FY22 from Rs 9,912 crore in Q3FY21. 

The net interest margin was 3.96% in Q3FY22 as compared to 3.67% in Q3FY21 and 4% in the quarter ended September 30, 2021 (Q2FY22).

On Friday, the lender's scrip on BSE closed 0.66% lower at Rs 804.60.

Provisions (excluding provision for tax) declined by 27% year-on-year to Rs 2,007 crore in Q3FY22 from Rs 2,742 crore in Q3FY21.

Non-interest income, excluding treasury income, increased by 25% year-on-year to Rs 4,899 crore in Q3FY22 from Rs 3,921 crore in Q3FY21.

The retail loan portfolio grew by 19% year-on-year and 5% sequentially, and comprised 61.3% of the total loan portfolio at December 31, 2021.

Total deposits increased by 16% year-on-year and 4% sequentially to Rs 10.17 trillion at December 31, 2021. Average current account deposits increased by 34% year-on-year. Average savings account deposits increased by 25% year-on-year. Total term deposits increased by 12% year-on-year to Rs 5.36 trillion at December 31, 2021.

The net non-performing assets declined by 10% sequentially to Rs 7,344 crore at December 31, 2021 from Rs 8,161 crore 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 reported improvement in gross non-performing assets (NPAs) ratio at 4.13% from 4.38% at the end of the third quarter of the previous year.

The Bank’s total capital adequacy at December 31, 2021 was 19.79% and Tier-1 capital adequacy was 18.81% as compared to the minimum regulatory requirements of 11.7% and 9.7% respectively.

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

The bank's core operating profit (profit before provisions and tax, excluding treasury income) increased by 25% year-on-year to Rs 10,060 crore in the third quarter of 2021-22 from Rs 8,054 crore in the quarter ended December 31, 2020.