Private lender ICICI Bank Ltd on Saturday posted a profitable 158.4 percent year-on-year (YoY) growth in Q3FY20 profit at Rs 4,146 crore for the quarter ending on December 31. Bank’s standalone net profit on December 31 stood at Rs 1,605 crore for the same period last year.
Provisions and contingencies for the quarter at Rs 2,083.2 crore plunged sharply by 50.9 percent YoY as against the Rs 4,244 crore it had provisioned for the year-ago quarter.
Overall, the bank saw a satisfying improvement in the quarter. Its gross NPA for the quarter dropped to 5.95 per cent from 6.37 per cent in September quarter and 7.75 per cent in the same quarter last year. Fresh addition to NPA stood at ₹4,363 crore at the end of December 2019 as against ₹2,482 crore in the previous quarter.
Operationally, ICICI bank’s performance improved marginally as its net interest income (NII) jumped 24 per cent YoY to Rs 8,545 crore from Rs 6,875 crore in the year-ago quarter.
Net interest margin (NIM) at 3.77 per cent against 3.64 per cent in September quarter and 3.40 per cent in the year-ago quarter. Its loan growth also stood at 16 per cent YoY, with retail loans expanding 19 per cent YoY and the corporate portfolio 12 per cent.
On Friday, bank’s shares on BSE were 1.47 per cent up at Rs 535.45.
(With input from agencies)