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ICICI Bank’s net income increased 34% to Rs 8,312 billion

ICICI Bank, India’s largest private sector lender, reported a 34.3 percent year-on-year (YoY) jump in its net profit at Rs 8,312 crore for the quarter ended December 2020, on the back of better asset quality and improved net interest income.

The bank had reported a net profit of Rs 6,194 crore in the corresponding quarter last year.

Its net interest income (NII) during the quarter under review rose by 4.5 percent YoY to Rs 11,874 crore from Rs 11,372 crore in the year-ago period.

The bank’s asset quality improved during the quarter under review with gross non-performing assets (NPAs) at 5.42 percent of gross advances as on December 31, 2020, as compared to 6.03 percent a year ago.

Its provision coverage ratio (PCR) improved to 86.8 percent as on December 31, 2020, from 78.4 percent as on December 31, 2019.

Total provisions (excluding tax) and contingencies during the third quarter of FY21 increased to Rs 2,908 crore from Rs 1,902 crore in the same period last year.