The private lender reported 19.1% rise in net profit to Rs 4,939.59 crore on 3.3% increase in total income to Rs 24416.06 crore in Q3 FY21 over Q3 FY20.
Net interest income (NII) increased by 16% year-on-year (YoY) to Rs 9,912 crore in Q3 FY21 from Rs 8,545 crore in Q3 FY20. Net interest margin (NIM) was at 3.67% as on 31 December 2021 as compared to 3.77% as on 31 December 2019.
The core operating profit increased by 15% year-on-year to Rs 8,054 crore in Q3-2021 from Rs 7,017 crore in Q3-2020
Profit before tax in Q3 December 2020 stood at Rs 6,078.04 crore, up by 11.2% from Rs 5,465.43 crore in Q3 December 2019. Current tax expense declined by 7.5% YoY to Rs 1,401.51 crore.
Provisions (excluding provision for tax) were Rs 2,742 crore in Q3 FY21, higher than Rs 2,083 crore in Q3 FY20.
During Q3 FY21, the bank made contingency provision amounting to Rs 3,012 crore for borrower accounts not classified as non-performing pursuant to the interim order of the Supreme Court. The bank utilised Rs 1,800 crore of COVID-19 related provisions made in the earlier periods.
During the third quarter, the bank changed its provisioning policy on nonperforming assets to make it more conservative. The contingency provision made on a prudent basis for loans overdue for more than 90 days at 31 December 2020 but not classified as non-performing pursuant to the Supreme Court's interim order, also reflects the revised policy. The change in policy resulted in higher provision on advances amounting to Rs 2,096 crore during Q3 FY21 for aligning provisions on the outstanding loans to the revised policy.
As at 31 December 2020, the bank held aggregate COVID-19 related provision of Rs 9,984 crore, including contingency provision for proforma NPAs amounting to Rs 3,509 crore for loans not classified as non-performing.
On the asset quality side, gross non-performing assets (NPAs) stood at Rs 34,860.43 crore as on 31 December 2020 as against Rs 38,989.19 crore as on 30 September 2020 and Rs 43.453.86 crore as on 31 December 2019.
The ratio of gross NPAs to gross advances stood at 4.38% as on 31 December 2020 as against 5.17% as on 30 September 2020 and 5.95% as on 31 December 2019.
The ratio of net NPAs to net advances stood at 0.63% as on 31 December 2020 as against 1% as on 30 September 2020 and 1.49% as on 31 December 2019.
The pro forma gross NPA ratio and net NPA ratio (based on customer assets), would have been 5.42% (as compared to 5.36% as on 30 September 2020) and 1.26% (as compared to 1.12% as on 30 September 2020) respectively at 31 December 2020. The bank holds contingency provision on these borrower accounts at 31 December 2020. Provision coverage ratio on a pro forma basis was 77.6% at 31 December 2020.
ICICI Bank said that the continued pickup in economic activity and tailwinds from the festive season combined with the Bank's digital initiatives and extensive franchise reflected in an increase in disbursements across retail products during Q3-2021.
Mortgage disbursements increased further in Q3-2021 over Q2-2021 and reached an all-time monthly high in December driven by the Bank's efforts to offer a convenient and frictionless experience to customers by digitising the entire underwriting process, with instant loan approvals.
Disbursements of auto loans continued to increase from the September levels and crossed pre-Covid levels in December. Credit card spends also reached pre-COVID levels in December led by increased spends in categories such as health & wellness, electronics and e-commerce.
The retail loan portfolio grew by 15% year-on-year and 7% sequentially at 31 December 2020. Retail loans comprised 65.6% of the total loan portfolio at 31 December 2020.
Total advances increased by 10% year-on-year to Rs 699,017 crore as at 31 December 2020 from Rs 635,654 crore at 31 December 2019.
Total deposits increased by 22% year-on-year to Rs 874,348 crore as at 31 December 2020. Average current account deposits increased by 27% while the average savings account deposits increased by 16% in Q3 December 2020 over Q3 December 2019. Average CASA ratio was 41.8% in Q3 FY21.
The bank's total capital adequacy at 31 December 2020 was 19.51% and Tier-1 capital adequacy was 18.12% compared to the minimum regulatory requirements of 11.08% and 9.08%, respectively.
ICICI Bank had a network of 5,267 branches and 14,655 ATMs as at 31 December 2020.
The scrip rose 1.68% to end at Rs 537 on the BSE on Friday. It traded in the range of 529.85 and 544.80 during the trading session.
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