ICICI Bank on Saturday posted a 26% year-on-year (Y-o-Y) growth in net profit to Rs. 1,221 crore in the March 2020 quarter. The bank posted a net profit of Rs. 969 crore for the same quarter last year.
However, on a sequential basis, the net profit is down by 70% from Rs. 4,146 crore posted in the December quarter.
Provisions (other than tax) and contingencies slightly increased to Rs. 5,967 crore in Q4FY20 from Rs. 5,451 crore during the same quarter last year.
Asset quality of the bank also improved with gross non-performing assets (GNPA) as a percentage of total advances standing at 5.53% during the March 2020 quarter from 6.70% in the same quarter last year. Net NPAs also reduced to 1.41% (2.06%) during the period.
Net profit for the full year grew by 136% to Rs. 7,931 crore (Rs. 3,363 crore). Total income for the full year grew by 17% to Rs. 91,247 crore (Rs. 77,913 crore) for the March quarter, while interest income grew by 18% during the period to Rs. 74,798 crore (Rs. 63,401 crore).
“The Bank has made Covid-19 related provision of Rs.2,725 crore. This additional provision made by the Bank is more than required as per the RBI guideline dated April 17, 2020,” ICICI Bank said in a press statement.
The bank’s total deposit grew by 18% Y-o-Y to Rs. 7,70,969 crore while total advances increased by 10% Rs. 6,45,290 crore as of March 2020.