Home Banking And Finance ICICI Bank posts 26% rise in Q4 net, sets aside Rs 2,725...

ICICI Bank posts 26% rise in Q4 net, sets aside Rs 2,725 cr for COVID-19-related provisions

Gross non-performing assets of the bank fell to 5.53 per cent of advances (Rs 41,409 crore) in Q4 of FY20 from 6.70 per cent (Rs 46,291 crore) a year ago.

Private lender ICICI Bank on Saturday reported a 26 per cent year-on-year increase in net profit to Rs 1,221 crore for the quarter ended March 2020 from Rs 969 crore in the same period a year ago. Excluding COVID-19 related provisions, the net profit would have been Rs 3,260 crore, the bank said.

The board of the bank has approved a proposed to raise up to Rs 25,000 crore by way of issuances of debt securities, including non-convertible debentures in domestic markets by way of private placement.

It also accorded approval to issuances of bonds, notes or offshore certificate of deposits in overseas markets up to $3 billion in single or multiple tranches in the next one year.

The board further approved shifting of the registered office of the bank from Gujarat to Maharashtra and consequential amendment in the Memorandum of Association of the bank.

The private lender has received no-objection from the Reserve Bank of India (RBI) for its proposal of shifting of the registered office. Provisions (excluding COVID-19 related provisions and provision for tax) were at Rs 3,242 crore in the latest quarter.

“The bank has made COVID-19 related provisions of Rs 2,725 crore to further strengthen the balance sheet,” ICICI Bank said.

Gross non-performing assets (NPAs) declined to 5.53 per cent of advances (Rs 41,409 crore) in Q4 of FY20 from 6.70 per cent (Rs 46,291 crore) a year ago.

The year-on-year growth in domestic advances was 13 per cent as of March 2020. “The bank has continued to leverage its strong retail franchise, resulting in a 16 per cent year-on-year growth in the retail loan portfolio. Including non-fund outstanding, retail was 53.3 per cent of the total portfolio as of March 2020,” ICICI Bank said.

Total deposits increased by 18 per cent to Rs 7,70,969 crore as of March 2020. Net interest income increased by 17 per cent year-on-year to Rs 8,927 crore in Q4-2020 from Rs 7,620 crore a year ago, it said. During the quarter, the gross additions to NPAs were Rs 5,306 crore, while recoveries and upgrades, excluding write-offs, from non-performing loans were Rs 1,883 crore in Q4 of 2020.

 

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

RBI announces fresh OMO for sale, purchase of govt securities for Rs 10,000 crore each

The RBI undertakes ‘operation twist’ to manage yields in the bond market. In other words, the plan is to raise short-term yields and lower...

SBI report: ‘Card transactions decline 67% post-lockdown’

The total value of credit and debit cards transactions has decelerated from Rs 1.51 lakh crore in January 2020 to merely around Rs 50,000...

Bankers in India are more productive working from home

As banks and asset managers around the world try to figure out how they’ll manage their offices after the coronavirus pandemic, many in Mumbai...

RBI extends higher overnight borrowing facility of banks to September

The RBI, as a temporary measure, had increased the borrowing limit of scheduled banks under the marginal standing facility (MSF) scheme from 2 per...

IDBI Bank to sell 27% in insurance JV, Belgian firm raises stake to 49%

Ageas Insurance will hold 49 per cent in the venture while Federal Bank will have 30 per cent stake, with IDBI Bank holding the...
Need Help? Chat with us