ICICI Bank’s Q2FY21 net profit zooms to Rs 4,251 cr (Ld)

Mumbai, Oct 31 (IANS) Private sector lending major ICICI Bank on Saturday reported an exponential rise in standalone net profit for the second quarter of 2020-21.

Accordingly, the lender’s net profit rose to Rs 4,251 crore ($576 million) in the quarter ended September 30, 2020 from Rs 655 crore ($89 million) reported for the corresponding quarter of the previous fiscal.

“Core operating profit (profit before provisions and tax, excluding treasury income) grew by 18 per cent year-on-year to Rs 7,719 crore ($1 billion) in Q2-2021,” the bank said in a statement.

“Total deposits grew by 20 per cent year-on-year to Rs 832,936 crore ($112.9 billion) on September 30, 2020,” it added.

According to the lender, net interest income (NII) increased by 16 per cent year-on-year to Rs 9,366 crore ($1.3 billion) in Q2-2021 from Rs 8,057 crore ($1.1 billion) in Q2-2020.

The domestic loans grew by 10 per cent year-on-year and 4 per cent quarter-on-quarter for the quarter ended September 30, 2020.

“Retail loans grew by 13 per cent year-on-year and 6 per cent sequentially quarter-on-quarter,” the statement said.

Besides, the bank’s net non-performing asset (NPA) ratio decreased from 1.23 per cent on June 30, 2020 to 1 per cent on September 30, 2020; after including loans not classified as NPA pursuant to the Supreme Court’s interim order, net NPA ratio would have been 1.12 per cent.

The lender held Covid-19 related provisions of Rs 8,772 crore ($1.2 billion) on September 30, 2020.

“Post the easing of restrictions, there has been a substantial month-on-month increase in disbursements across retail products. Mortgage disbursements during Q2-2021 crossed pre-Covid levels and reached an all-time monthly high in September 2020,” the statement said.

“Auto loan disbursements have continued to increase from June 2020 and have reached pre-Covid levels in September 2020 reflecting the rise in passenger car sales. Disbursements across the rural portfolio have crossed pre-Covid levels in the months of August and September 2020,” it added.

As per the statement, credit card spends recovered to about 85 per cent of pre-Covid levels in September 2020 led by increased spends in categories such as health and wellness, electronics and e-commerce.

In terms of consolidated results, the bank’s profit after tax was Rs 4,882 crore in Q2-2021 compared to Rs 3,118 crore in Q1-2021 and Rs 1,131 crore in Q2-2020.

“The consolidated profit after tax in Q2-2020 had a one-time additional charge due to re-measurement of accumulated deferred tax assets at the revised marginal tax rate,” the statement said.

“Consolidated assets grew by 15 per cent year-on-year to Rs 1,476,014 crore at September 30, 2020 from Rs 1,288,190 crore at September 30, 2019,” it added.

In addition, the consolidated return on equity was 14.2 per cent in Q2-2021.

–IANS
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