ICICI Bank reported a 26 percent rise in the standalone profit to Rs 1,221 crore for the March quarter. The bank saw total income in the March 2020 quarter surge by Rs 2,500 from the previous year. As at the end of March 2019 profit stood at Rs 969 crore only.
Additionally, the Bank also reported an improvement in the asset quality as the percentage of gross non-performing customer assets fell to 5.53% from 6.70% within a year.
Moreover, ICICI Bank announced that the Board of Directors has also approved a fundraising plan of Rs 25,000 crore through non-convertible debentures.
Deposits grew by 1.18 lakh within a year and ICICI Bank’s Net interest income increased by 17% to Rs 8,927 crore in the March 2020 quarter. The profit before provisions and tax, increased by 18% to ₹ 7,148 crores from ₹ 6,077 crores on-year basis. The credit growth remained healthy with a 13% increase in domestic advances.
“The Bank has continued to leverage its strong retail franchise, resulting in a 16% year-on-year growth in the retail loan portfolio at March 31, 2020. Including non-fund outstanding, retail was 53.3% of the total portfolio at March 31, 2020,” ICICI Bank said.
Non-performing assets fell down to 26 percent, to Rs 10,114 crore and the recoveries and updates from nonperforming loans were Rs 1,883 crore in the March 2020 quarter.
The provision coverage ratio on non-performing loans increased to 86.8 percent in March 2020 compared to 80.7 percent in March 2019.
However, ICICI Bank reassured investors and customers of its strong fundamentals that will help it tide during these difficult times. In ICICI Bank about 97% of the branches are functional with reduced working hours during the lockdown.