ICICI Bank’s fourth quarter net profit increases by 59% to Rs 7,019 cr

Private sector lender ICICI Bank on Saturday announced a 59% rise in its standalone net profit to Rs 7,019 crore for the fourth quarter of the 2021-22 financial year.
The bank had made a profit of Rs 4,403 crore in the corresponding quarter from January to March last year.

The bank’s total income rose to Rs 27,412 crore in the January-March period from Rs 23,953 crore in the year-ago quarter, ICICI Bank said in a regulatory filing.

Net interest income (NII) increased by 21% to 12,605 crore rupees from 10,431 crore rupees in the same quarter a year ago, it said.
On a consolidated basis, ICICI Bank Group’s net profit jumped 58% to Rs 7,719 crore in the March quarter from Rs 4,886 crore in the last quarter of 2020-21.

The bank’s asset quality has improved, with gross non-performing assets falling to 3.60% of gross advances as of March 31, 2022, from 4.96% for the corresponding period a year ago.

Net NPAs also declined to 0.76% from 1.14% at the end of the fourth quarter last year.
As a result, non-tax and contingency provisions for the quarter decreased to Rs 1,069 crore from Rs 2,883 crore a year earlier.
The provision coverage ratio (PCR) at the end of the third quarter stood at 79.2%, it said.

The board has recommended a dividend of Rs 5 per share with a face value of Rs 2 each, subject to required approvals, he said.
Net interest margin was 4% in the fourth quarter, compared to 3.84% in the same quarter a year ago.

For the full fiscal year 2021-22, profit increased by 44% to Rs 23,339 crore from Rs 16,193 crore for the fiscal year ended March 31, 2021.
The bank’s total capital adequacy as of March 31, 2022 was 19.16% and Tier 1 capital adequacy was 18.35% against minimum regulatory requirements of 11.70% and 9.70% respectively, he said.

The bank has approved the appointment of Rakesh Jha as a full-time director (designated as executive director) subject to regulatory approvals for a period of five years from May 1, 2022 or the date of approval of his appointment by RBI, she said.

Jha was appointed Deputy Chief Financial Officer of ICICI Bank in May 2007 and Chief Financial Officer in October 2013. Currently, Rakesh is the Group Chief Financial Officer of ICICI Bank.

The board also took note of the resignation of Vishakha Mulye, executive director with effect from May 31, 2022, following her decision to pursue career opportunities outside the ICICI group, it said.

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