Private sector lender ICICI has announced the results for the March quarter. The bank’s profit has tripled in the March quarter. Net profit for the quarter stood at Rs 4403 crore. Net profit in this quarter of 2020 was Rs 1221 crore. In this way, on a yearly basis, it has registered a growth of 360 percent.
The bank’s total income stood at Rs 23953 crore in the January-March quarter. It was Rs 23443 crore in the same quarter of 2020. On a consolidated basis, the net profit of the bank was 4886 crores as against 1251 crores in the same period last year. On a consolidated basis, net income stood at Rs 43621 crore, which was Rs 40121 crore in the March quarter of 2020.
The decline in bad loans
The bank’s bad loans have registered a decline in the March quarter. The bank’s NPA has come down to 4.96 percent, which was 5.53 percent of the total loans as of 31 March 2020. The bank’s net NPA has also come down to 1.14 percent from 1.41 percent in the first quarter of 2020.
2883 crore provisioning
ICICI Bank has reduced the bad loan provisioning for the January-March quarter to Rs 2883 crore from Rs 5967 crore in the March quarter of 2020. The bank has allocated Rs 2883 crore as provisioning for this quarter. The bank had provisioned Rs 5967 crore in the March 2020 quarter.