ICICI Bank profit grows by 26% to Rs 1,221 cr in Q4, NPAs dip; makes Rs 2,725 cr COVID-19 related provisions

New Delhi: ICICI Bank on Saturday reported a 26 percent rise in standalone net profit at Rs 1,221 crore for the quarter ended March 2020.

#4QWithCNBCTV18 | ICICI Bank reports a profit of Rs 1221.4 cr in the fourth quarter.

Provisions stand at Rs 5,967 vs Rs 2,083 (QoQ) https://t.co/RtzTyvuOZm pic.twitter.com/S9mWk2GGH6

— CNBC-TV18 (@CNBCTV18Live) May 9, 2020

The bank had posted a net profit of Rs 969 crore in the corresponding January-March period of 2018-19. Total income during the quarter under review increased to Rs 23,443.66 crore, from Rs 20,913.82 crore in the same period of the preceding fiscal, ICICI Bank said in a regulatory filing. On the assets front, gross non-performing assets (NPAs) stood at 5.53 percent of gross advances as on 31 March, 2020, compared to 6.70 percent last year.Net NPAs or bad loans were trimmed to 1.41 percent as against 2.06 percent. Core operating profit (profit before provisions and tax, excluding treasury income) grew by 18 percent year-on-year to Rs 7,148 crore in the quarter ended March 2020, ICICI Bank said. Net interest margin stood at 3.87 percent in Q4 and fee income grew by 13 percent, it added.     

Approximately 30% of the total loan book is under moratorium, says Sandeep Batra, ED, ICICI Bank in a conference call after the bank reports Q3 results.#4QWithCNBCTV18 | pic.twitter.com/VyUybFGZVm

— CNBC-TV18 (@CNBCTV18Live) May 9, 2020

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“Excluding COVID-19 related provisions, the profit after tax would have been Rs 3,260 crore ($431 million),” the private sector lender said. The bank said it made provisions (excluding those related to COVID-19 and provision for tax) of Rs 3,242 crore ($428 million) during the quarter under review. The COVID-19 related provisions were Rs 2,725 crore ($360 million) against standard assets to further strengthen the balance sheet, the bank said. The bank’s net profit for the full year jumped 136 percent to Rs 7,931 crore ($1 billion) from Rs 3,363 crore ($444 million) in 2018-19. On consolidated basis, the net profit in Q4 FY20 rose to Rs 1,251 crore from Rs 1,170 crore in the same period of the preceding fiscal. Consolidated profit after tax was Rs 9,566 crore ($1.3 billion) in 2019-20, compared to Rs 4,254 crore ($562 million) in the previous year, ICICI Bank said.