Private sector lender ICICI Bank on Saturday reported a 59 percent jump in standalone net profit to Rs 7,019 crore for the fourth quarter of FY2021-22.
The bank had earned a profit of Rs 4,403 crore in the corresponding January-March quarter of the last year.
The total income of the bank 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 percent to Rs 12,605 crore from Rs 10,431 crore in the same quarter a year ago, it said.
On a consolidated basis, ICICI Bank Group net profit jumped by 58 percent 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 improved as the gross non-performing assets fell to 3.60 percent of the gross advances as of March 31, 2022, from 4.96 percent in the corresponding period a year ago.
The net NPAs also declined to 0.76 percent from 1.14 percent at the end of the fourth quarter of the previous financial year.
As a result, provisions other than tax and contingencies for the quarter declined to Rs 1,069 crore, from Rs 2,883 crore a year earlier.
Provision Coverage Ratio (PCR) as at the end of third-quarter stood at 79.2 percent, it said.