private sector ICICI Bank Ltd. said on Saturday that its cumulative net profit rose 18.8 per cent to Rs 6536.55 crore for the quarter ended December 2021 on the back of increase in interest income and reduction in provisions. The bank has given the figures for the third quarter of the current financial year in the information given to the stock exchanges. According to this, it had reported a cumulative net profit of Rs 5,498.15 crore in the period October-December 2020 a year ago. The bank said that its total income in the third quarter of the current financial year was Rs 39,865.80 crore, as against Rs 40,419.08 crore in the same period of the previous financial year.
According to ICICI Bank, its profit after tax grew 25 per cent to Rs 6,194 crore during the October-December 2021 quarter on a standalone basis. It stood at Rs 4,939.59 crore in October-December 2020.
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During this period, its total income on a standalone basis increased to Rs 27,069.67 crore as against Rs 24,416 crore in the same period last year.
The bank’s net interest income (NII) grew 23 per cent year-on-year to Rs 12,236 crore as against Rs 9,912 crore in the corresponding quarter of the previous fiscal.
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The bank reported an improvement in the bad loans or NPA ratio to 4.13 per cent from 4.38 per cent at the end of the third quarter of the previous year. Net NPAs stood at 0.85 per cent in the third quarter of the current financial year, as against 0.63 per cent in the third quarter of the financial year 2020-21.
The financial provision of the bank also declined to Rs 2,007.30 crore from Rs 2,741 crore in the year-ago period due to decline in NPAs.
(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)