ICICI Bank profit jumps 3-folds to Rs 4,403 crore in January-March

ICICI Bank on Saturday reported more than three-fold jump in its standalone net profit to Rs 4,403 crore for the January-March quarter of 2020-21.

The bank had posted a net profit of Rs 1,221 crore in the year ago quarter.

Total income (standalone) of the bank rose to Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter, ICICI Bank said in a regulatory filing.

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On a consolidated basis, the net profit of the private sector lender jumped to Rs 4,886 crore in the March quarter from Rs 1,251 crore in the last quarter of 2019-20.

Income on a consolidated basis rose to Rs 43,621 crore from Rs 40,121 crore for the reported quarter.

Gross non-performing assets (NPAs) or bad loans of the bank fell to 4.96 per cent of the gross advances by the end of March 2021 as against 5.53 per cent by March 31, 2020.

Net NPAs too came down to 1.14 per cent as against 1.41 per cent.

Provisions for bad loans and contingencies were cut to Rs 2,883.47 crore for the reported quarter, from Rs 5,967.44 crore parked aside in year ago same quarter.