ICICI Bank Q3 results: net income up 19% at Rs 4,940 crore
The lender’s overall provisions increased to ₹2,741 cr from the year-ago period’s ₹2,083 cr, but lower in comparison to the preceding quarter’s ₹2,995 cr
Total income of the country’s second-largest private sector lender by assets increased 3% to ₹24,416 crores as compared to ₹23,638 crores within the year-ago period.
The bank’s net NPA (non-performing asset) ratio stood at 0.63 per cent as of New Year’s Eve, 2020. However, if not for the Supreme writ, which said that the accounts not declared as NPA till August 31, 2020, shouldn’t be declared NPA till further orders, ICICI Bank’s net NPA ratio would are 1.26 per cent.
“During Q3-2021, the Bank made contingency provision amounting to Rs 3,012.16 crore for borrower accounts not classified as non-performing pursuant to the interim order of the Supreme Court. The Bank utilised Rs 1,800.00 crore of COVID-19 related provisions made within the earlier periods,” ICICI Bank said.