ICICI Bank, the country’s largest private sector lender, on Wednesday reported nearly 5 times jump in its consolidated net profit to Rs 2,082.75 crore during the January-March quarter of 2017-18, helped by increase in net interest income and lower provisions.
“The lender had posted consolidated net profit of Rs 406.71 crore in the corresponding quarter of previous fiscal, said ICICI Bank in a filing to Bombay Stock Exchange.
The consolidated total income of bank rose marginally to Rs 28,603.29 crore in Q4 FY17 from Rs 28,216.78 crore in Q4 FY16.
On the standalone basis, the bank has posted 189 per cent growth in its net profit at Rs 2,025 crore during the fourth quarter of 2016-17, as compared to Rs 702 crore in the same quarter of the previous year.
Net interest income (NII), the difference between revenues generated by interest-bearing assets and the cost of servicing (interest-burdened) liabilities, grew 10 per cent to Rs 5,962 crore from Rs 5,404 crore in the same period last year.
Non-interest income stood ta Rs 3,017 crore in Q4-2017, compared to Rs 2,978 crore, excluding gains of Rs 2,131 crore on sale of stake in insurance subsidiaries, in Q4-2016.
The year-on-year growth in domestic advances was 14 per cent, about eight per cent points higher compared to non-food credit growth for the banking system at March 31, 2017. Total CASA deposits increased by 28 per cent year-on-year to Rs 246,822 crore at March 31, 2017.
Provision and contingencies dipped to Rs 2,898 crore compared to Rs 3,326 crore in the same quarter last year.
During the quarter under review, the bank’s gross non-performing assets rose to 7.89 per cent of total loans, compared with 5.21 per cent in the year-ago quarter. Net NPA of the bank too grew to 4.89 per cent, against 2.67 per cent in corresponding period last year.
For FY 2016-17, the bank has posted net profit of Rs 9,801.09 crore as against total revenue of Rs 73,660.76 crore.
In a separate release, the bank has announced issue of bonus shares in the ratio of 1:10 i.e one equity share of Rs 2 each for every ten fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval of the members of the company.
Besides, the board has also recommended a dividend of Rs 100 per preference share on 350 preference shares of the face value of Rs 1 crore each and dividend of Rs 2.50 per equity share of face value of Rs 2 each, subject to requisite approvals.
Boosted by strong Q4, shares of bank were trading at Rs 297.50 apiece, up 9.07 per cent, on the BSE at 13:15 hour.