ICICI Bank today reported 25 per cent year-on-year profit for October-December quarter at ₹6,194 crore, while net interest income grew by 23 per cent to ₹12,236 crore in Q3 FY22 from ₹9,912 crore in Q3 FY21.
Non-interest income or other income increased by 25 per cent in the said quarter to ₹4,899 crore from ₹3,921 crore during the corresponding quarter last year.
ICICI Bank’s core operating profit (profit before provisions and tax, excluding treasury income) grew by 25 per cent year-on-year to ₹10,060 crore in the quarter ended December 31, 2021, the bank said in a regulatory filing.
Also read: ICICI Bank revises fixed deposit interest rates. Check latest FD rates here
The bank’s net interest margin in Q3 FY22 was 3.96 per cent, compared to 3.67 per cent in Q3 FY21 and 4 per cent in the quarter ended September 30, 2021.
The private lender’s net NPA ratio in Oct-Dec quarter declined from 0.99 per cent on September 30, 2021, to 0.85 per cent at December 31, 2021, which is the lowest since March 31, 2014.
ICICI Bank’s total capital adequacy ratio was 19.79 per cent and Tier-1 capital adequacy ratio was 18.81 per cent on a standalone basis on December 31, 2021.
The bank’s provisions for the quarter (excluding provision for tax) also declined by 27 per cent year-on-year to ₹2,007 crore in Q3-2022 from ₹2,742 crore in Q3-2021.
For the fiscal year till December 31, 2021, ICICI Bank’s profit after tax (PAT) grew 38 per cent year-on-year to ₹16,321 crore from ₹11,790 crore during the same period previous year.
On consolidated basis, ICICI Bank’s profit after tax increased by 19 per cent year-on-year to ₹6,536 crore in Q3-2022 from ₹5,498 crore in Q3-2021.
Growth in digital, payments platforms
ICICI Bank said there have been 53 lakh activations from non-ICICI Bank account holders as of end-December 2021. “The value of transactions by non-ICICI Bank account holders increased by 73 per cent sequentially in Q3-2022,” the bank added. The value of its merchant acquiring transactions through Unified Payments Interface (UPI) in Q3 FY22 was 2.2 times the value of transactions in Q3 FY21. The value of mobile banking transactions grew 50 per cent YoY to ₹4,55,326 crore.
Credit growth
ICICI Bank’s retail loan portfolio grew 19 per cent year-on-year and 5 per cent sequentially, and comprised 61.3 per cent of the total loan portfolio at December 31, 2021. Including non-fund outstanding, the retail loan portfolio was 51.3 per cent of the total portfolio at December 31, 2021, the bank said. The value of credit card spends in Q3-2022 was 2.2 times the value of credit card spends in Q3-2021 and grew by 27 per cent sequentially.
Deposit growth
Total deposits increased by 16 per cent year-on-year and 4 per cent sequentially to ₹10,17,467 crore at December 31, 2021. Average current account deposits increased by 34 per cent year-on-year. The bank’s average savings account deposits increased by 25 per cent year-on-year.
Asset quality
The net non-performing assets declined by 10 per cent sequentially to ₹7,344 crore at December 31, 2021, from ₹8,161 crore at September 30, 2021. The net NPA ratio declined to 0.85 per cent at December 31, 2021, from 0.99 per cent at September 30, 2021.
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