ICICI Bank Q4 profit surges by 59% to Rs 7,019 crore

New Delhi: Private sector lender ICICI Bank on Saturday reported a 59 per cent jump in standalone net profit to Rs 7,019 crore for the fourth quarter of FY2021-22.

The bank had earned a profit of Rs 4,403 crore in the corresponding January-March quarter of the last year.

The total income of the bank rose to Rs 27,412 crore in the January-March period from Rs 23,953 crore in the year-ago quarter, ICICI Bank said in a regulatory filing.

Net interest income (NII) increased by 21 per cent to Rs 12,605 crore from Rs 10,431 crore in the same quarter a year ago, it said.

On a consolidated basis, ICICI Bank Group net profit jumped by 58 per cent to Rs 7,719 crore in the March quarter from Rs 4,886 crore in the last quarter of 2020-21.

The bank's asset quality improved as the gross non-performing assets fell to 3.60 per cent of the gross advances as of March 31, 2022, from 4.96 per cent in the corresponding period a year ago.

The net NPAs also declined to 0.76 per cent from 1.14 per cent at the end of the fourth quarter of the previous financial year.

As a result, provisions other than tax and contingencies for the quarter declined to Rs 1,069 crore, from Rs 2,883 crore a year earlier.

Provision Coverage Ratio (PCR) as at the end of third-quarter stood at 79.2 per cent, it said. The board recommended a dividend of Rs 5 per equity share of face value of Rs 2 each, subject to requisite approvals, it said. The net interest margin was 4 per cent in fourth quarter compared to 3.84 per cent in same quarter a year ago. For the entire financial year 2021-22, the profit grew by 44 per cent to Rs 23,339 crore from Rs 16,193 crore in the year ended March 31, 2021.

The bank's total capital adequacy at March 31, 2022 was 19.16 per cent and Tier-1 capital adequacy was 18.35 per cent compared to the minimum regulatory requirements of 11.70 per cent and 9.70 per cent respectively, it said.

The bank approved the appointment of Rakesh Jha as a wholetime director (designated as Executive Director) subject to regulatory approvals for a period of five years effective from May 1, 2022 or the date of approval of his appointment by RBI, it said.

Jha was designated the Deputy Chief Financial Officer of ICICI Bank in May 2007 and Chief Financial Officer in October 2013. Currently, Rakesh is the Group Chief Financial Officer of ICICI Bank.

The Board also took on record the resignation of Vishakha Mulye, Executive Director with effect from May 31, 2022, consequent to her decision to pursue career opportunities outside the ICICI Group, it said.