ICICI Q3 profit jumps 19% to 4,940 crore – Times of India
MUMBAI: ICICI Bank on Saturday reported a net profit of Rs 4,940 crore for the quarter ended December 2020 — an increase of 19% over Rs 4,146 crore in the corresponding quarter last year. A drop in the cost of funds helped the lender grow its net interest income to by 16% year-on-year to Rs 9,912 crore in Q3FY21 from Rs 8,545 crore in Q3FY20.
Explaining the improved performance, despite the pandemic, Sandeep Batra, executive director, said that for the quarters ended March 2020 and June 2020, the bank had made provisions anticipating stress. However, the defaults were not as bad as expected and things were looking better. On December 31, 2020, the bank had set aside Rs 9,984 crore for Covid-19 related provision. This includes contingency provision for proforma NPAs amounting to Rs 3,509 crore for loans not classified as non-performing. The NPA's are described as proforma as the Supreme Court has asked banks not to classify any of the Covid default as an NPA until further orders.
Total deposits increased by 22% year-on-year to Rs 874,348 crore at December 31, 2020, while domestic loans grew 13%. The retail loan portfolio grew by 15% year-on-year and 7% sequentially on December 3.
Explaining the improved performance, despite the pandemic, Sandeep Batra, executive director, said that for the quarters ended March 2020 and June 2020, the bank had made provisions anticipating stress. However, the defaults were not as bad as expected and things were looking better. On December 31, 2020, the bank had set aside Rs 9,984 crore for Covid-19 related provision. This includes contingency provision for proforma NPAs amounting to Rs 3,509 crore for loans not classified as non-performing. The NPA's are described as proforma as the Supreme Court has asked banks not to classify any of the Covid default as an NPA until further orders.
Total deposits increased by 22% year-on-year to Rs 874,348 crore at December 31, 2020, while domestic loans grew 13%. The retail loan portfolio grew by 15% year-on-year and 7% sequentially on December 3.
