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ICICI Bank March Quarter Profit Jumps 26% To Rs 1,221 Crore

ICICI Bank March Quarter Profit Jumps 26% To Rs 1,221 Crore

ICICI this fall outcomes 2020: Net curiosity earnings rose 17% in fourth quarter of monetary 12 months 2019-20

ICICI Bank Results 2020: ICICI Bank, the nation’s second largest non-public sector lender by belongings, on Saturday reported a standalone revenue of Rs 1,221.36 crore for the quarter ended March 31. That marked a rise of 26.04 per cent in comparison with its web revenue of Rs 969.06 crore within the corresponding interval a 12 months in the past. Net curiosity earnings (NII) – the distinction between curiosity earned and curiosity expended – rose 17 per cent to Rs 8,927 crore within the fourth quarter of monetary 12 months 2019-20, in comparison with Rs 7,620 crore within the year-ago interval.

ICICI Bank’s web curiosity margin – which is a key parameter to gauge a financial institution’s profitability – stood at 3.87 per cent within the January-March interval, as towards 3.72 per cent within the quarter ended March 31, 2019.

ICICI Bank reported an enchancment in its asset high quality throughout the quarter below assessment.

Its gross non-performing belongings – or unhealthy loans – as a share of whole loans got here in at 5.53 per cent within the March 2020 quarter, as towards 5.95 per cent within the earlier quarter (October-December 2019), and 6.70 per cent within the fourth quarter of monetary 12 months 2018-19.

In a regulatory submitting, ICICI Bank stated it made provisions price Rs 2,725 crore associated to the coronavirus (COVID-19) pandemic within the quarter, to additional strengthen the stability sheet.

“This provision made by the financial institution is greater than the requirement as per the Reserve Bank of India’s guideline dated April 17, 2020,” ICICI Bank stated in a launch.

Shares in ICICI Bank had ended 0.30 per cent greater at Rs 337.75 apiece on the BSE on Friday, underperforming the benchmark S&P BSE Sensex index which rose 0.63 per cent.

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