ICICI Bank Q4 net profit surges by 59% to ₹7,019 cr

Private sector lender ICICI Bank on Saturday reported a 59% jump in standalone net profit to ₹7,019 crore for the fourth quarter of FY2021-22.

The bank had earned a profit of ₹4,403 crore in the corresponding January-March quarter of the last year.

The total income of the bank rose to ₹27,412 crore in the January-March period from ₹23,953 crore in the year-ago quarter, ICICI Bank said in a regulatory filing.

Net interest income (NII) increased by 21 per cent to ₹12,605 crore from ₹10,431 crore in the same quarter a year ago, it said.

On a consolidated basis, ICICI Bank Group net profit jumped by 58% to ₹7,719 crore in the March quarter from ₹4,886 crore in the last quarter of 2020-21.

The bank’s asset quality improved as the gross non-performing assets fell to 3.6% of the gross advances as of March 31, 2022, from 4.96% in the corresponding period a year ago.

The net NPAs also declined to 0.76% from 1.14% at the end of the fourth quarter of the previous financial year.

As a result, provisions other than tax and contingencies for the quarter declined to ₹1,069 crore, from ₹2,883 crore a year earlier.

Provision Coverage Ratio (PCR) as at the end of third-quarter stood at 79.2%, it said.