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ICICI Bank Q3 net profit rises 19% to ₹4,940 cr – Mint

Private sector lender ICICI Bank on Saturday reported 19% increase in net profit at 4,940 crore for the quarter ending 31 December, 2020. It was 4,146 crore a year ago.

Total income increased 3% to 24,416 crore as compared to 23,638 crore in year-ago period.

Total deposits grew by 22% year-on-year to 8,74,348 crore at 31 December, 2020. The lender saw 19% growth in average current and savings account (CASA) deposits in Q3FY21 and average CASA ratio was 41.8% in Q3FY21. Term deposits grew by 26% year-on-year at 31 December, 2020

The lender’s net interest income (NII), the difference between interest earned and interest expended, rose 16% year-on-year (y-o-y) to 9,912 crore in Q3 of FY21. Net interest margin (NIM), a key measure of profitability, expanded 10 basis points (bps) sequentially to 3.67%. On the other hand, the bank’s provisions rose 31.6% y-o-y to 2,742 crore.

The private lender reported that its gross non-performing assets (NPAs) as a percentage of gross advances stood at 4.38% in Q3 FY21, as compared to 5.95% in the same period last year. However, without Supreme Court’s asset classification dispensation, the bank’s gross NPA (on a proforma basis) would have been 5.42%.

ICICI Bank’s provision coverage ratio on a proforma basis stood at 77.6%.

On Friday, the lender’s scrip on BSE closed 2% higher at 538.95.

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