ICICI Bank Q4 results: Net profit surges 59% to Rs 7,018.71 cr

The bank's board has also approved a dividend of Rs 5 per share.

FPJ Web DeskUpdated: Saturday, April 23, 2022, 08:11 PM IST
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Net interest income grew 20.8 percent to Rs 12,605 crore /Representative image |

ICICI Bank has reported a 59.4 percent year-on-year(YoY) jump in net profit to Rs 7,018.7 crore for the quarter ended March 31, 2022 as compared with Rs 4,403 crore a year ago.

Net interest income grew 20.8 percent to Rs 12,605 crore. Net interest income is the difference between interest earned and interest expended. Other income is up 15 percent from Rs 4,737 crore a year-ago.

The net interest margin was 4.00 percent in Q4-2022 compared to 3.84 percent in Q4-2021.

The core operating profit (profit before provisions and tax, excluding treasury income) increased by 19 percent YoY to Rs 10,164 crore in Q4-2022 from Rs 8,565 crore in the quarter ended March 31, 2021.

The non-interest income, excluding treasury income, increased by 11 percent YoY to Rs 4,608 crore in Q4-2022 from Rs 4,137 crore in Q4-2021.

The fee income grew by 14 percent YoY to Rs 4,366 crore in Q4-2022 from Rs 3,815 crore in Q4-2021. Fees from retail, rural, business banking and SME customers constituted about 77 percent of total fees in Q4-2022.

Fees from retail, rural, business banking and SME customers constituted about 77 percent of total fees in Q4-2022. There was a treasury gain of Rs 129 crore in Q4-2022 compared to a loss of Rs 25 crore in Q4-2021

Provisions (excluding provision for tax) declined by 63 percent YoY to Rs 1,069 crore in Q4-2022 from Rs 2,883 crore in Q4-2021. Provisions for Q4-2022 included a contingency provision of Rs 1,025 crore made on a prudent basis.

The profit before tax grew by 63 percent year-on-year to Rs 9,224 crore in Q4-2022 from Rs 5,657 crore in Q4-2021.

On a standalone basis, the profit after tax grew by 59 percent YoY to Rs 7,019 crore in Q4-2022 from Rs 4,403 crore in Q4-2021. On a standalone basis, the profit after tax grew by 44 percent YoY to Rs 23,339 crore in FY2022 from Rs 16,193 crore in the year ended March 31, 2021 (FY2021).

The bank's board has also approved a dividend of Rs 5 per share.

Deposit growth

Total deposits increased by 14 percent YoY and 5 percent sequentially to Rs 1,064,572 crore at March 31, 2022. Average current account deposits increased by 24 percent YoY in Q4-2022. Average savings account deposits increased by 23 percent YoY in Q4-2022. Total term deposits increased by 9 percent YoY to Rs 546,135 crore at March 31, 2022.

Asset quality

The net non-performing assets declined by 24 percent YoY and 5 percent sequentially to Rs 6,961 crore at March 31, 2022. The net NPA ratio declined to 0.76 percent at March 31, 2022 from 0.85 percent at December 31, 2021 and 1.14 percent at March 31, 2021.

The net deletions from gross NPAs, excluding write-offs and sale, were Rs 489 crore in Q4 2022 compared to Rs 191 crore in Q3 2022. The gross NPA additions were Rs 4,204 crore in Q4 2022 compared to Rs 4,018 crore in Q3 2022.

The bank's total capital adequacy at March 31, 2022 was 19.16 percent and Tier-1 capital adequacy was 18.35 percent compared to the minimum regulatory requirements of 11.70 percent and 9.70 percent respectively, it said.

The bank approved the appointment of Rakesh Jha as a wholetime director (designated as Executive Director) subject to regulatory approvals for a period of five years effective from May 1, 2022 or the date of approval of his appointment by RBI, it said.

Jha was designated the 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 on record the resignation of Vishakha Mulye, Executive Director with effect from May 31, 2022, consequent to her decision to pursue career opportunities outside the ICICI Group, it said.

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