(Photo: Mint)
(Photo: Mint)

ICICI Bank Q3 net surges 158% to 4,146 cr, asset quality improves

  • One-time gain from Essar Steel resolution led to provisions declining by 51% to 2,083 cr
  • Gross non-performing assets as a percentage of total assets stood at 5.95% as against 6.37% in the previous quarter

Mumbai: Private sector lender ICICI bank Ltd on Saturday reported a 158% year on year jump in net profit owing to one-time gain from Essar Steel resolution, which led to lower provisions.

The bank’s standalone net profit at the end of 31 December, 2019 stood at 4,146 crore as compared to 1,605 crore during the same period a year ago. The bank saw bad loan recoveries and upgrades worth 4,088 crore during the third quarter. Provisions declined 51% to 2,083 crore during the quarter as against 4,244 crore during the same period last year.

Overall asset quality saw an improvement this quarter. Gross non-performing assets as a percentage of total assets stood at 5.95% at the end of December quarter as compared to 7.75% during the same period last year and 6.37% in the second quarter of fiscal year 2019-20. Fresh addition to non-performing assets stood at 4,363 crore at the end of December 2019 as against 2,482 crore in the previous quarter.

Operationally, the bank’s performance improved with net interest income (NII) for the quarter seeing an increase of 24% year on year to 8,545 crore as compared with 6,875 crore in the year-ago quarter. Loan book grew by 16% with retail loan book, which is a 19% year-on-year growth.

Fee income rose 17%, on an annual basis, to 3,596 crore with retail fees constituting 77% of total fees, the bank said. Treasury income rose 11% 531 crore from 479 crore.

On Friday, the bank's stock on BSE closed 1.47% higher at 535.45.

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