homeearnings News

ICICI Bank posts Q4 net profit of Rs 1221.36 crore, misses estimates

ICICI Bank posts Q4 net profit of Rs 1221.36 crore, misses estimates

ICICI Bank posts Q4 net profit of Rs 1221.36 crore, misses estimates
Profile image

By CNBC-TV18 May 9, 2020 4:58:04 PM IST (Updated)

Private lender ICICI Bank on Saturday reported a net profit of Rs 1221.36 crore for the fourth quarter ended March 31.

Private lender ICICI Bank on Saturday reported a net profit of Rs 1221.36 crore for the quarter ended March, up 26 percent year-on-year. The net profit was impacted by a provision of Rs 2,725 towards COVID-19.

Recommended Articles

View All

A CNBC-TV18 poll of analysts had predicted a net profit of Rs 3,485 crore for the quarter under review.
Net interest income (NII)  for the quarter increased by 17 percent year-on-year to Rs 8,927 crore. Excluding the interest on income tax refund, NII grew by 24 percent year-on-year in Q4-2020.
Net interest margin improved to 3.87 percent during the quarter, compared to 3.77 percent during the December quarter. This is the highest ever NIM for bank, Sandeep Batra, ED, ICICI Bank said during the earnings call.
ICICI Bank said it had made a provision of Rs 3,242 towards bad loans. It also set aside another Rs 2,725 as provisions towards COVID-19.
"This provision made by the Bank is more than the requirement as per the Reserve Bank of India’s guideline," the ICICI Bank release said.
The core operating profit (profit before provisions and tax, excluding
treasury income) increased by 18 percent year-on-year to Rs 7,148 crore.
During the quarter, ICICI Bank earned Rs 27 crore as interest on income tax refund, compared to Rs 414 crore during the same period the year before.
Non-interest income, excluding treasury income, increased by 16 percent
year-on-year to Rs 4,013 crore and fee income grew by 13 percent year-on-year to Rs 3,598 crore.
Retail fees constituted 75 percent of total fees during the quarter, the bank said.
During the earnings call, Batra said the bank's deposits grew 18 percent year-on-year during the quarter and the overall loan book grew 10 percent year-on-year.
He said gross slippages during the quarter stood at Rs 5,306 crore. Gross NPA ratio improved to 6.04 percent during the quarter, compared to 6.39 percent during the December quarter. Net NPA ratio improved to 1.54 percent from 1.60 percent quarter-on-quarter. Batra said the Net NPA ratio was the lowest in the last 19 quarters.
Batra said the total NPA additions for the quarter included impact due to two oil companies accounts, including the Hin Leong account. Batra said the Hing Leong exposure has been classified as non-performing asset. He did not expect further a further impact on the loan book from these two accounts.
(This is a developing story. Check back for more details)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng