ICICI Bank Q3 result: Net profit up 25% to ₹6,193.7 crore; NII up 23%

Non-interest income or other income increased by 25 percent in the said quarter 4,899 crore from 3,921 crore during the corresponding quarter of the previous year.

ICICI Bank’s core operating profit (profit before provisions and tax, excluding treasury income) grew 25 per cent year-on-year 10,060 crore for the quarter ended December 31, 2021, the bank said in a regulatory filing.

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The bank’s net interest margin stood at 3.96 per cent in Q3 FY22, as against 3.67 per cent in Q3 FY21 and 4 per cent in the quarter ended September 30, 2021.

The private lender’s net NPA ratio in the October-December quarter declined from 0.99 per cent on September 30, 2021 to 0.85 per cent on December 31, 2021, the lowest since March 31, 2014.

ICICI Bank’s Total Capital Adequacy Ratio stood at 19.79 per cent and Tier-1 Capital Adequacy Ratio at 18.81 per cent on a standalone basis as on December 31, 2021.

Bank’s provisions (excluding tax provision) for the quarter also declined by 27 per cent year-on-year 2,007 crore in Q3-2022 from 2,742 crore in Q3-2021.

For the financial year up to December 31, 2021, ICICI Bank’s profit after tax (PAT) grew 38 per cent year-on-year to 38 per cent. from 16,321 crore 11,790 crore during the same period last year.

On a consolidated basis, ICICI Bank’s profit after tax up 19 per cent year-on-year 6,536 crore in Q3-2022 from 5,498 crore in Q3-2021.

Growth in digital, payment platforms

ICICI Bank said there have been 53 lakh activations from non-ICICI Bank account holders till the end of December 2021. “The value of transactions by non-ICICI Bank account holders increased by 73 per cent sequentially in Q3-2022,” the bank said. , The value of its merchant acquisition transactions through the Unified Payments Interface (UPI) in Q3 of FY12 was 2.2 times the value of transactions in Q3 of FY11. The value of mobile banking transactions grew 50 per cent year-on-year. 4,55,326 crores.

credit enhancement

ICICI Bank’s retail loan portfolio grew by 19 per cent year-on-year and 5 per cent sequentially, and comprised 61.3 per cent of the total loan portfolio as on December 31, 2021. The retail loan portfolio, including non-fund outstanding, stood at 51.3 per cent. of the total portfolio as on December 31, 2021, the bank said. The value of credit card spend in Q3-2022 was 2.2 times the value of credit card spend in Q3-2021 and grew by 27 percent sequentially.

deposit growth

Total deposits grew 16 percent year-on-year and 4 percent sequentially 10,17,467 crore as on December 31, 2021. Average current account deposits grew 34 percent year-on-year. Bank’s average savings account deposits grew 25 per cent year-on-year.

asset quality

Net non-performing assets declined 10 per cent sequentially 7,344 crore as on December 31, 2021, from 8,161 crore as on September 30, 2021. The net NPA ratio declined to 0.85 per cent as on December 31, 2021, from 0.99 per cent as on September 30, 2021.