ICICI Bank reported a 5% drop in net profit to Rs 969 crore in the March quarter compared with Rs 1,020 crore in the same period a year ago. The bank announced its earnings after market hours on Monday. Here are 10 key takeaways from ICICI Bank’s Q4 numbers:
1) ICICI Bank’s net interest income (NII) jumped 26.5% to Rs 7,620 crore from Rs 6,021.67 crore a year ago. This includes Rs 414 crore of interest on income-tax refund.
2) Net interest margin came in at 3.72% during the March quarter against 3.4% in the December quarter.
3) ICICI Bank’s other income stood at Rs 3,621.02 crore in the March quarter compared with Rs 5,678.61 crore in the year-ago quarter, but this was on account of no stake sales in subsidiaries.
4) Total expenses jumped 18.1% to Rs 14,680 crore during the March quarter against Rs 12,428.99 crore in the year-ago quarter.
5) On a consolidated basis, profit after tax (PAT) stood at Rs 1,170 crore compared with Rs 1,142 crore reported for the same quarter last year.
6) ICICI Bank’s asset quality improved, with gross non-performing assets (NPAs) falling to 6.7% of gross loans as on 31 March as against 8.84% a year ago.
7) Net NPAs also came down to 2.06% of loans from 4.77% a year ago.
8) ICICI Bank’s bad loan provisions jumped to Rs 5,451 crore in the March quarter, sharply lower than the year-ago number of Rs 6,625 crore, but higher than Rs 4,244 crore in the December quarter.
9) The board has recommended a dividend of Rs 1 per share.
10) ICICI Bank’s board also approved fund-raising through debt securities of up to Rs 25,000 crore from the domestic markets and up to $3 billion from the offshore markets.
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