ICICI Bank Q3 profit jumps 158%; NPA ratio goes down to 1.49%

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Published: January 25, 2020 4:39:18 PM

The bank’s net non-performing assets (NPA) ratio went down from 2.58 per cent as on December 31, 2018, to 1.49 per cent as on December 31, 2019.

ICICI Bank introduces ‘Cardless Cash Withdrawal’ through ATM using ‘iMobile’, know how you can use itBank’s net interest income went up by 24 per cent year-on-year. (Image: Reuters)

Private sector lender ICICI Bank has posted 158 per cent year-over-year increase in its standalone profit to Rs 4,146 crore for Q3 FY20 ending December 31, 2019, from Rs 1,605 crore for the same period in the last financial year. The provisions declined by 51 per cent to Rs 2,083 crore for the said period from the previous year. The bank’s net non-performing assets (NPA) ratio went down from 2.58 per cent as on December 31, 2018, to 1.49 per cent as on December 31, 2019, while the bad loan recoveries and upgrades stood at Rs 4,088 crore in Q3 FY20.

Bank’s net interest income went up by 24 per cent year-on-year to Rs 8,545 crore from Rs 6,875 crore in Q3 FY19. The net interest margin was 3.77 per cent in Q3 vis-a-vis 3.64 per cent in the quarter ended September 30, 2018, and 3.40 per cent in Q3 FY19. The non-interest income, excluding treasury income, increased to Rs 4,043 crore in Q3 FY20 compared to Rs 3,404 crore in the same period last year.

Also read: Secular growth helps Indian Bank post 62% rise in Q3 net

The year-on-year growth in domestic advances was 16 per cent at December 31, 2019, the bank said in its release. “The Bank has continued to leverage its strong retail franchise, resulting in a 19 per cent year-on-year growth in the retail loan portfolio at December 31, 2019. Including non-fund outstanding, retail was 52.0 per cent of the total portfolio at December 31, 2019,” it said.

Total advances increased by 13 per cent Ra 635,654 crore as on December 31, 2019, from Rs 564,308 crore as on December 31, 2018. Its total deposits grew by 18 per cent year-on-year to Rs 716,345 crore as on December 31, 2019. ICICI Bank’s consolidated profit grew to Rs 4,670 crore in Q3 FY20 in comparison to Rs 1,131 crore in Q2 FY20 and Rs 1,874 crore in Q3 FY19. The bank had recently introduced a cardless ATM cash withdrawal service using the mobile banking app iMobile. Mobile banking transactions increased by 118 per cent y-o-y in Q3 FY20 while the number of UPI transactions increased by 168 per cent y-o-y in Q3 FY20.

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