Private sector lending major ICICI Bank on Saturday reported a 36 per cent growth in standalone net profit of Rs 2,599 crore for the first quarter of 2020-21.
Similarly, net interest income (NII) increased by 20 per cent year-on-year t o Rs 9,280 crore in Q1FY21 from Rs 7,737 crore in Q1-2020.
“The net interest margin was 3.69 per cent in Q1-2021 compared to 3. 87 per cent in the quarter ended March 31, 2020 (Q4-2020) and 3.61 per cent in Q1-2020, reflecting the higher liquidity with the bank due to strong deposit inflows and limited credit demand due to the lockdown,” the company said in a statement.
The bank made provisions (excluding COVID-19 related provisions and provision for tax) declined by 42 per cent year-on-year to Rs 2,044 crore in Q1FY21 from Rs 3,496 crore in Q1-2020.
“The bank has made additional COVID-19 related provisions of Rs 5,550 crore on a prudent basis in Q1-2021 with the objective of completely cushi oning the balance sheet from the impact of Covid-19.”
“This additional provision held by the bank is more than the requirement as per the RBI guideline dated April 17, 2020,”
“Net non-performing assets (NPA) decreased by 51 per cent from Rs 24,170 crore at June 30, 2018 to Rs 11,857 crore at June 30, 2019,” the statement said.
–IANS