ICICI Bank Posts A Massive Increase Of 158% In Q3 Net Profit

On Saturday, ICICI Bank posted a 158.32 percent increase in standalone profit at Rs 4,146 crore for the December ended quarter against Rs 1,605 crore seen in the same period of the previous year.

ICICI Bank: Quotes, News

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During the quarter, the private lender asset quality improved with 36 percent decrease in net non-performing assets (NPAs) to Rs 10,389 crore from Rs 16,252 crore on 31 December 2018. Gross additions to NPAs were Rs 4,363 crore in the third quarter of 2019-20.

The net NPA ratio fell from 2.58 percent to 1.49 percent on a year-on-year basis.

Provisions (excluding taxes) declined by 51 percent year-on-year to Rs 2,083 crore at 31 December 2019.

Net interest income (NII), that is the difference between interest paid and interest earned, rose by 24 percent Rs 8,545 crore in the December-ended quarter from Rs 6,875 crore in the same period of the previous year.

The net interest margin was 3.77 percent in the quarter under review as against 3.64 percent in September 2019 and 3.40 percent in December 2018.

Total deposits increased by 18 percent on a year-on-year basis to Rs 7,16,345 crore.

ICICI Bank's balance sheet crossed the Rs 10 lakh crore-mark which total assets at Rs 10,07,068 crore as of 31 December 2019.