ICICI Bank Q4 net profit soars 260% to Rs 4,403 cr; NII rises 17%
Private lender ICICI Bank on Saturday reported 260 per cent jump in standalone net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit figure stood at Rs 1,221 crore for the same period last year.
Net interest income (NII) increased by 17 per cent year-on-year to Rs 10,431 crore in Q4FY21 from Rs 8,927 crore in Q4FY20.
The bank’s total capital adequacy at March 31, 2021 was 19.12 per cent and Tier-1 capital adequacy was 18.06 per cent as compared to the minimum regulatory requirements of 11.08 per cent and 9.08 per cent respectively.
“The current second wave of Covid-19 pandemic, where the number of new cases has increased significantly in India, has resulted in re-imposition of localised/regional lockdown measures in various parts of the country. The impact, including credit quality and provision, of the Covid pandemic, on the bank and the Group, is uncertain and will depend on the spread of Covid, the effectiveness of current and future steps taken by the governments and central bank to mitigate the economic impact. The bank’s capital and liquidity position is strong and would continue to be a focus area for the bank during this period,” said ICICI Bank in a stock exchange filing.
The lender’s gross non-performing assets (NPAs) declined sequentially at 4.96% in Q4FY21. In Q3FY21, gross NPA of the bank was 4.38%. Meanwhile, net NPAs of the lender stood at 1.1% in the March quarter as against 0.6% a quarter ago.
The net interest margin was 3.84 per cent in Q4FY21 as compared to 3.67 per cent in the quarter ended December 31, 2020 and 3.87 per cent in Q4FY20.
Total income (standalone) of the bank rose to Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter, ICICI Bank said in a regulatory filing.
On a consolidated basis, the net profit of the private sector lender jumped to Rs 4,886 crore in the March quarter from Rs 1,251 crore in the last quarter of 2019-20.
Income on a consolidated basis rose to Rs 43,621 crore from Rs 40,121 crore for the reported quarter.
Provisions for bad loans and contingencies were cut to Rs 2,883.47 crore for the reported quarter, from Rs 5,967.44 crore parked aside in year ago same quarter.
The lender’s Board has recommended a dividend of Rs 2 per share.
On Friday, the lender’s scrip on NSE closed trading 2 per cent lower at Rs 567.50.
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