ICICI Bank Q3 Results: Profit rises 25% YoY to Rs 6,194 crore; NII jumps 23%

On Saturday, private lender ICICI Bank reported a 25% year-on-year (YoY) increase in standalone net profit for the December quarter, to Rs 6,194 crore, up from Rs 4,940 crore in the previous quarter.

The bank’s net interest income (NII) increased by 23% year on year to Rs 12,236 crore from Rs 9,912 crore the previous quarter.

The net interest margin (NIM) for the quarter was 3.96 %, down from 4% in the September quarter and 3.67 % the previous quarter.

The bank said in a report to the BSE that provisions (excluding tax provision) for the quarter declined 27% YoY to Rs 2,007 crore from Rs 2,742 crore in the same period last year. Meanwhile, as of December 31, 2021, the provision coverage ratio was 79.9%.

The net NPA ratio fell to 0.85 % in the third quarter from 0.99 % the previous quarter, the lowest level since March 31, 2014.

The bank’s consolidated profit after tax increased 19% year on year to Rs 6,536 crore from Rs 5,498 crore the previous quarter.

In the December quarter, fees from retail, commercial banking, and SME customers accounted for almost 76% of total fees, according to the bank’s filing.

In the previous quarter, Treasury income was Rs 766 crore (US$ 103 million), compared to Rs 88 crore (US$ 103 million). Last year’s treasury revenue includes a gain of Rs 329 crore on the sale of ICICI Securities shares.

The bank claims to be the market leader in electronic toll collections via FASTag, with a market share of 39% by value in electronic toll collections in Q3 and a 42 % year-over-year increase in collections.

Net deletions from gross NPAs of Rs 191 crore were recorded during the quarter, excluding write-offs and sales, compared to net additions of Rs 96 crore in the September quarter.

Finally, ICICI Prudential AMC made a profit of Rs 334 crore, down from Rs 358 crore the previous year.

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