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ICICI Bank profit rises 19% to Rs 6,536.55 Cr in December Quarter
KT NEWS SERVICE. Dated: 1/23/2022 7:30:59 PM
MUMBAI, Jan 22: With a net profit of Rs 6536.55 crore for the third quarter ended in December 2021, ICICI Bank on Saturday reported an 18.8 per cent rise in its consolidated net profit, as the net profit recorded was Rs 5,498.15 crore in the same quarter of the previous fiscal.
On a standalone basis, the quarterly profit of ICICI bank spiked in the third quarter of FY22. With a net profit of Rs 6193.81 crore October-December quarter of FY22 ICICI Bank reported a 25.39 per cent year-on-year (Y-o-Y) rise in net profit as compared to Rs 4939.59 crore profit during the same quarter last year.
There has been a plunge in the provisions for Q3, as it stood at Rs 2 007.30 crore, witnessing a fall of more than 25 per cent year-on-year, as it was Rs 2 741.72 crore during the same quarter previous year, on a standalone basis.
However, there has been a rise in the total income as it went up by more than 10 per cent in Q3 FY22, as compared to Q3 FY21. Even as compared to the previous quarter in FY22, it has gone up by nearly 4 per cent.
The total interest earned has considerably gone up in this quarter. With an interest of Rs 24 314.25 crore earned in this quarter, there is a rise of nearly 18 per cent as compared to the interest earned in the same quarter in FY21, shows the consolidated results.
“During 03-2021, the Bank had sold equity shares in its subsidiaries and made a net gain of around Rs 328.64 crore in standalone financial results and Rs 301.05 crore in consolidated financial results,” mentioned the bank in its statement released.
In terms of lending, the bank has received more than 45 thousand loan requests from individual borrowers both in terms of personal loans and business loans in this quarter.
“The pandemic resulted in an increase in provisioning reflecting higher actual and expected additions to non-performing loans. The Bank made a net Covid-19 related provision of around Rs. 4,750.00 crore in FY2021 and held an aggregate Covid-19 related provision of around Rs. 7,475.00 crore at March 31, 2021,” said the statement.