ICICI Bank Net Profit Jumps 26% In March Quarter To Rs 1,221.36 crore

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Net curiosity earnings rose 17 per cent YoY to Rs 8,927 crore in Q4FY20

ICICI Bank, the nation’s second largest personal sector lender by property, posted a 26 per cent year-on-year (YoY) rise in standalone revenue at Rs 1,221.36 crore for the quarter ended March 31, in comparison with Rs 969.06 crore in the identical quarter final yr, the financial institution stated in a regulatory submitting on Saturday.

Net curiosity earnings rose 17 per cent YoY to Rs 8,927 crore in Q4FY20 from Rs 7,620 crore in the identical interval final yr. Net curiosity margin stood at 3.87 per cent within the fourth quarter ended March 2020 as in opposition to 3.72 per cent within the year-ago quarter.

There was an enchancment in asset high quality in the course of the quarter underneath evaluation. The gross non-performing property – or dangerous loans – as a proportion of complete loans stood at 5.53 per cent within the March 2020 quarter in comparison with 5.95 per cent within the earlier December 2019 quarter and 6.70 per cent within the corresponding January-March 2019 quarter final yr.

“The financial institution has made Covid-19 associated provisions of Rs 2,725 crore 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 increased 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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