Financial Insights

ICICI Q3 results: NII grows 23% YoY, Profits rise 25% YoY

Private Bank ICICI reported a 25% YoY rise in standalone net profit at Rs 6,194 crores for the quarter ended on December 2021 as compared to the profit of Rs 4,940 crores in the corresponding quarter last year. The bank also reported a 23% jump in Net Interest Income at Rs 12,236 crores from Rs 9,912 crores on December 2020.

The Net Interest Margin for this quarter was 3.96% against 4% in the previous quarter. Its gross bad loan ratio contracted to 4.13% against 4.82% in the previous quarter. Its Net NPA declined from 0.99% in September 2021 to 0.85% this quarter, which is the lowest since March 2021. Its consolidated Profit After Tax (PAT) rose 19% YoY to Rs 6,536 crores.

“The banking and SME franchise continues to grow on the back of digital offerings and platforms like InstaBIZ. The value of financial transactions on InstaBIZ grew by about 68 per cent in Q3. The value of transactions from the bank’s supply chain platforms was 3.5 times the value of transactions in the year-ago quarter,” the bank said. Fees from business banking, retail and SME customers formed 76% of total fees in the quarter.

Its period end deposits crossed the 10 lakh crore mark as they grew 16% YoY to reach Rs 10,17,467 crores. The Average CASA ratio for the quarter ended was 45%.

Highlight by Aman Agarwal.

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