ICICI Bank Dec quarter consolidated profit rises nearly 19% to Rs 6,536 cr

New Delhi: ICICI Bank on Saturday reported an 18.8 per cent jump in its December quarter consolidated net profit to Rs 6,536.55 crore, aided by growth in interest income and decline in provisions.

The country's second largest private sector lender by assets had posted a consolidated net profit of Rs 5,498.15 crore in the same quarter of the previous fiscal.

However, total income was lower at Rs 39,865.80 crore in the third quarter this fiscal compared to Rs 40,419.08 crore in the same quarter a year ago, according to a regulatory filing.

On a standalone basis, the bank recorded a 25 per cent rise in the post-tax profit to Rs 6,194 crore for the quarter, up from Rs 4,939.59 crore in the October-December 2020.

Total income on standalone basis increased to Rs 27,069.67 crore from Rs 24,416 crore in the year-ago period.

At the same time, net interest income (NII) increased by 23 per cent year-on-year to Rs 12,236 crore from Rs 9,912 crore in the same quarter in the previous financial year, it said.

The bank reported improvement in gross non-performing assets (NPAs) ratio at 4.13 per cent from 4.38 per cent at the end of the third quarter of the previous year.

Net NPA ratio was at 0.85 per cent in the third quarter of current fiscal against 0.63 per cent in the third quarter of FY'21. Provisions other than tax and contingencies slipped to Rs 2,007.30 crore from the year-ago period's Rs 2,741 crore. Provision coverage ratio was 79.9 per cent at December 31, 2021, it said.

"Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 4,209 crore in Q3-2022. The gross NPAs written-off in Q3-2022 were Rs 4,088 crore," ICICI Bank said.

The net interest margin was 3.96 per cent in the quarter under reporting compared to 3.67 per cent in Q3-2021, it said.