ICICI Bank Earned Rs 68 Crore Per Day In Last 90 Days: Net Profits Jumps By 25% (Full Quarterly Results)

ICICI Bank Earned Rs 68 Crore Per Day In Last 90 Days: Net Profits Jumps By 25% (Full Quarterly Results)
ICICI Bank Earned Rs 68 Crore Per Day In Last 90 Days: Net Profits Jumps By 25% (Full Quarterly Results)

ICICI Bank reported 25% growth in net profit for the December quarter, exceeding estimates.

Exceeding Expectations

It made Rs 6,193.81 crore in net profit, up from Rs 4,939.59 crore in the same period last year. 

Estimates by four brokerage firms had expected profit of Rs 5,835 crore.

The growth it achieved was mainly due to lower provisioning and higher net interest income.

Net Interest Income 

Net interest income (NII) refers to the core income a bank earns by giving loans.

It was up 23.44% to Rs 12,236.04 crore from Rs 9,912.46 crore last year.

Other income grew 6.42% to Rs 4,987.07 crore.

Other Metrics

Provisions and contingencies were reported to be Rs 2,007.30 crore from Rs 2,741.72 crore year-on-year- a decline of 26.8%.

Gross non-performing assets (NPAs) jumped 6.3% to Rs 37,052.74 crore from Rs 34,860.43 crore in Q3FY21.

Slippages stood at Rs 4,018 crore, lower than Rs 5,578 crore in the previous quarter.

Portfolio Performance

The company’s retail portfolio grew 19% YoY, 5% QoQ and made up over 61% of its total loan portfolio as of December 2021.

Meanwhile, its business banking portfolio grew 39% YoY and 9% sequentially.

Domestic wholesale banking portfolio increased 13% YOY and 9% QoQ.

Subsidiaries’ Performance

Coming to the subsidiaries, ICICI Securities reported Rs 380 crore of profits in the December quarter

This is a growth of 42% from Rs 267 crore in Q3-2021.

ICICI Prudential Life Insurance’s profit was at Rs 311 crore against Rs 306 crore a year ago.

ICICI Lombard General Insurance Company posted a profit of Rs 318 crore as compared to Rs 314 crore in the same period last year.

ICICI Prudential AMC’s profit, meanwhile, reduced to Rs 334 crore from Rs 358 crore in the year-ago quarter.

Online Platforms

Its mobile banking app IMobile recorded 53 lakh activations from non-ICICI-Bank account holders as of December 2021.

The value of transactions in the quarter increased by 73% QoQ.

Its other digital platform InstaBIZ also reported strong growth with the value of financial transactions having grown by about 68% YoY.

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