April 26, 2021
2 mins read

ICICI Bank’s Q4 profit jumps to Rs 4,403cr

The company’s standalone profit after tax rose to Rs 4,403 crore during the quarter under review from Rs 1,221 crore reported for the period ended March 31, 2021….reports Asian Lite News

Private lender ICICI Bank on Saturday reported an exponential rise in its standalone net profit for the quarter ended March 31, 2021 on a year-on-year basis.

Accordingly, the company’s standalone profit after tax rose to Rs 4,403 crore during the quarter under review from Rs 1,221 crore reported for the period ended March 31, 2021.

In terms of FY21, the standalone profit after tax grew by 104 per cent year-on-year to Rs 16,193 crore in FY2021 from Rs 7,931 crore in FY2020.

“Net interest income (NII) increased by 17 per cent year-on-year to Rs 10,431 crore in Q4-2021 from Rs 8,927 crore in Q4-2020.”

“The net interest margin was 3.84 per cent in Q4-2021 compared to 3.67 per cent in the quarter ended December 31, 2020 (Q3-2021) and 3.87 per cent in Q4-2020.”

As per the bank, provisions (excluding provision for tax) were Rs 2,883 crore in Q4-2021 compared to Rs 5,967 crore in Q4- 2020.

During Q4-2021, the bank utilised contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as these loans have now been classified as per the RBI guidelines.

“Further, the bank made additional Covid-19 related provisions of Rs 1,000 crore during Q4-2021.”

“At March 31, 2021, the Bank held Covid-19 related provision of Rs 7,475 crore.”

Also read:‘Indian electronic repair market key in creating jobs’

According to the bank, the net NPA ratio declined to 1.14 per cent at March 31, 2021 from 1.26 per cent (on a proforma basis at December 31, 2020) and 1.41 per cent at March 31, 2020.

On a consolidated basis, the bank’s profit after tax was Rs 4,886 crore in Q4- 2021 compared to Rs 5,498 crore in Q3-2021 and Rs 1,251 crore in Q4-2020.

Meanwhile, ICICI Bank announced that it will provide Covid-19 vaccination for its employees and their immediate family members free of cost.

According to the bank, this initiative is aimed at safeguarding the lives of its employees and their dependent family members from the Covid-19 pandemic.

“It is also a humble gesture to appreciate the dedication, perseverance and passion portrayed by the employees of the bank to ensure seamless services to millions of customers during the pandemic,” the bank said in a statement.

Accordingly, the bank will reimburse the cost of the two mandated vaccine shots for its employees and their dependent family members.

Also read:Amazon to allow direct seller-customer contact

Previous Story

India tops in security spending

Next Story

Banks in TN to open only till 2 p.m

Latest from Business

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India Bats for Fairer Global Finance: FM Sitharaman

FM Sitharaman stated that we believe that optimal regulation fosters innovation and stability….reports Asian Lite News India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development

EVs Drive Cleaner Cities

Each EV is equipped with GPS tracking for real-time monitoring and efficiently serves the city’s 159.46 square kilometre area The use of electric vehicles (EVs) in household waste collection is ushering in

Residential Market Sees Revival

Sales jump 77% from FY19 to FY25 as luxury housing, office leasing, logistics, and tech-led investments drive real estate recovery. India’s residential real estate market has witnessed a dramatic revival in the

Recovery From Realty Stress Rises

Crisil expects residential demand in these markets to grow by 7–9 per cent in FY26, offering critical support to projects now being revived through restructuring Asset Reconstruction Companies (ARCs) are expected to
Go toTop

Don't Miss

Adani One, ICICI Debut Airport Credit Cards

The cards come with several benefits designed to enhance the

ONGC records 7-fold jump in Q3 profit results

Similarly, gross revenues rose 67.3 per cent to Rs 28,474