New Delhi: One of the biggest private sector lenders ICICI Bank Ltd. recorded a sharp rise in its net profit over a year ago as core income improved and provisions were lower compared to 2020. Bank’s net profit rose 260.5%, year-on-year to Rs 4,402 crore.
A year ago, the bank stepped up provisions against standard assets, which had depressed profits. Net interest income, or core income, rose 16.8% from a year ago to Rs 10,431 crore for the bank. Whereas, other income fell to Rs 4,111.35 crore from Rs 4,255 crore.
Analysts estimated a net profit of Rs 4,281 crore and a net interest income of Rs 10,061 crore for the fourth quarter. The bank’s gross non-performing asset (NPA) ratio stood at 4.96%, as compared with 5.42% in the October-December quarter.
ICICI Bank’s Net NPA ratio improved by 12 basis points on a sequential basis to 1.14% in the Jan-Mar quarter. Provisions during the fourth quarter stood at Rs 2,883.47 crore, down 51.7% from last year. The amount is marginally higher on a sequential basis.
The lender bank disclosed that it has restructured loans worth Rs 1,976 crore under the one-time restructuring scheme, which includes – Corporate: 30 borrowers with dues of Rs 1323 crore and Retail: 1,586 borrowers with dues of Rs 643 crore.