ICICI Bank March quarter profit up 59 percent to Rs 7018 crore, NII up 21 percent

ICICI Bank (ICICI Bank) has released the results for the March quarter (Q4 Result). The bank has informed that during the quarter, the profit of the bank has been Rs 7018 crore with an increase of 59.4 percent as compared to last year. At the same time, the net interest income of the bank has increased by 20.8 percent to Rs 12,605 crore during the quarter. Moneycontrol has informed that both these figures have been better than the market estimates. Along with the results, the bank has also announced a dividend of Rs 5 per share. According to the bank, the jump in profit has been seen due to the reduction in provision. At the same time, the asset quality of the bank has also registered strength. There has been a moderation in the NPAs of the bank during the quarter.

Bank’s asset quality improved

The bank has informed that there has been an improvement in its asset quality. And its Gross and Net NPAs have decreased both in comparison to last year and last quarter. As on March 31, the gross NPA ratio of the bank was at the level of 3.6 percent. At the same time, the gross NPA was at 4.13 percent in the previous quarter and at 4.96 percent in the same quarter last year. At the same time, the Net NPA Ratio improved to 0.76 percent at the end of March. This figure was 0.85 percent in the December quarter and 1.14 percent a year ago.

The bank got the benefit by reducing the provision

The bank informed that the jump in profit in the March quarter is due to the reduction in the provision of the bank. According to the data, the provision reached Rs 1069 crore, a decline of 63 percent as compared to the previous year. According to the bank, a sharp 17 per cent growth in the loan portfolio helped boost net interest income. Income from non-interest segment has increased by 11 per cent to Rs 4608 crore as compared to last year. ICICI Bank earned Rs 4366 crore through charges during the quarter. The net interest margin of the bank has reached 4 per cent during the quarter, as compared to 3.84 per cent in the same quarter a year ago and 3.96 per cent in the previous quarter.