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.”

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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.

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