ICICI Bank Q3 net profit up 19% to Rs 6,536 crore


ICICI Bank net profit up 19 per cent in December quarter

New Delhi:

Country’s second largest private sector lender ICICI Bank has reported a whopping 18.8 per cent growth in its consolidated net profit at Rs 6,536.55 crore for the third quarter ended December 2021.

It had posted a consolidated net profit of Rs 5,498.15 crore during the corresponding period of the previous year.

ICICI Bank said in a regulatory filing that on a standalone basis, the bank reported a 25 per cent increase in profit after tax to Rs 6,194 crore for the quarter as against Rs 4,939.59 crore in October-December 2020.

The bank’s net interest income (NII), or the core income that the bank earns by giving loans, grew 23.44 per cent to Rs 12,236.04 crore, from Rs 9,912.46 crore last year. Other income increased by 6.42 per cent to Rs 4,987.07 crore.

Provisions and contingencies fell 26.8% year-on-year to Rs 2,007.30 crore from Rs 2,741.72 crore.

Gross non-performing assets (NPAs) grew by 6.3 per cent to Rs 37,052.74 crore in the third quarter of the current fiscal as against Rs 34,860.43 crore during the corresponding period of the previous year.

As a percentage of total loans, gross NPAs improved to 4.13 per cent as against 4.82 per cent in the previous quarter and 4.28 per cent in the year-ago quarter.

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