ICICI Bank’s Q4 profit up 26% at Rs 1,221 crore

India’s largest personal sector lender ICICI Bank mentioned on Saturday its revenue after tax grew by 26 per cent year-on-year to Rs 1,221 crore in This autumn FY20 from Rs 969 crore within the quarter ended This autumn FY19.

Excluding Covid-19 associated provisions, the revenue after tax would have been Rs 3,260 crore, it mentioned. Provisions (excluding Covid-19 associated provisions and provision for tax) had been Rs 3,242 crore within the quarter ended March 31.

The core working revenue (revenue earlier than provisions and tax excluding treasury earnings) grew by 18 per cent year-on-year to Rs 7,148 crore within the January to March quarter, the financial institution mentioned in an announcement.

Net curiosity earnings (NII) elevated by 17 per cent year-on-year to Rs 8,927 crore in This autumn FY20 from Rs 7,620 crore in This autumn FY19. Excluding the curiosity on earnings tax refund, NII grew by 24 per cent.

The web curiosity margin was 3.87 per cent in This autumn FY20 in comparison with 3.77 per cent within the quarter ended December 31, 2019 (Q3 FY20) and three.72 per cent in This autumn FY19.

Fee earnings grew by 13 per cent year-on-year to Rs 3,598 crore from Rs 3,178 crore whereas retail charges constituted 75 per cent of whole charges.

On the opposite hand, treasury earnings grew by 55 per cent year-on-year to Rs 242 crore in This autumn FY20 from Rs 156 crore in This autumn FY19.

ICICI Bank mentioned whole advances elevated by 10 per cent year-on-year to Rs 6.45 lakh crore at March 31, 2020, from Rs 5.86 lakh crore at March 31, 2019.

Significantly, whole deposits elevated by 18 per cent year-on-year to Rs 7.7 lakh crore at March 31, 2020.

During the quarter, gross additions to non-performing belongings (NPAs) had been Rs 5,306 crore. Recoveries and upgrades excluding write-offs from non-performing loans had been Rs 1,883 crore in This autumn FY20.

Net non-performing belongings lowered by 26 per cent from Rs 13,577 crore at March 31, 2019, to Rs 10,114 crore at March 31, 2020. The web NPA ratio decreased from 2.06 per cent to 1.41 per cent.

The financial institution’s whole capital adequacy at March 31 as per the Reserve Bank of India’s pointers on Basel III norms, together with income for FY20, was 16.11 per cent and tier-1 capital adequacy was 14.72 per cent in comparison with the minimal regulatory necessities of 11.08 per cent and 9.08 per cent respectively.

“The bank is well-capitalised and has a strong deposit franchise. The digital and technology platforms are key strengths of the bank and the present scenario provides an opportunity to re-engineer the delivery of banking,” it mentioned.