The third quarter net profit of ICICI Bank increases twice to Rs 4,146 crore
NEW DELHI: Private sector lending bank ICICI Bank reported on Saturday a 158 percent jump in its independent net profit of 4,146.46 rupees for the third quarter ended in December 2019.
He had recorded a net profit of Rs 1,604.91 million in the period from October to December of a year ago, ICICI Bank said in a BSE presentation.
Total revenue increased 17.23 percent to Rs 23,638.26 rupees during the quarter under review compared to Rs 20,163.25 rupees in the corresponding period of one year ago.
The quality of the bank's assets improved with the gross non-productive assets (NPA) that fell to 5.95 percent of the gross loans at the end of December 2019, compared to 7.75 percent the previous year.
The net interest margin was 3.77 percent in the third quarter of fiscal year 2020 compared to 3.64 percent in the quarter ended September 30, 2018 (second quarter of fiscal year2020) and 3.40 percent in the third quarter of the fiscal year 2019, ICICI Bank said in a statement.
Net NPAs stood at 1.49% of total advances compared to 2.58% in December 2018.
Provisions (excluding taxes) decreased 51 percent year-on-year to Rs 2,083 crore in the third quarter of the fiscal year20 from Rs 4,244 crore in the third quarter of fiscal year 2019, he said.
In absolute terms, the lender's gross bad loans stood at Rs 43,453.86 as of December 31, 2019 compared to Rs 51,591.47 a year ago.
Net bad loans were valued at Rs 10,388.50 rupees against Rs 16,252.44 rupees in the same quarter of the previous fiscal year.
On a consolidated basis, the net gain was Rs 4,670.10 rupees during the quarter ended December 2019, compared to Rs 1,874.33 rupees in the corresponding quarter of the previous year.
Revenue, on a consolidated basis, was Rs 38,370.95 rupees during the quarter ended December 2018-19 of Rs 33,433.31 rupees in the same period of the previous year.
Treasury revenues grew 11 percent year-on-year to Rs 531 crore in the quarter under review from Rs 479 crore in the third quarter of the previous year, he said.
The net interest margin was 3.77 percent in the third quarter.
ICICI Bank said the recoveries, updates and other eliminations, excluding cancellations, were Rs 4,088 crore in the third quarter of fiscal year 2020.