ICICI Bank Q4 results: Profit jumps 261% to Rs 4,403 crore, still misses street estimates

NEW DELHI: ICICI Bank on Saturday reported a 261 per cent year-on-year (YoY) rise in net profit at Rs 4,403 crore compared with a profit of Rs 1,221.40 crore in the corresponding quarter last year.

Analysts in an ET NOW poll had projected the profit figure at Rs 4,980 crore.

Net interest income (NII) for the quarter rose 17 per cent YoY to Rs 10,431 crore compared with Rs 8,927 crore in the year-ago quarter. ET NOW poll had forecast the NII figure at Rs 10,306 crore.

Non-interest income, excluding treasury income, stood at Rs 4,137 crore 2021, up 3.08 per cent over 4,013 crore in the year-ago quarter.

The net interest margin (NIM) for the quarter came in at 3.84 per cent compared with 3.67 per cent in the December quarter and 3.87 per cent in the year-ago quarter.

ICICI Bank said its gross non-performing assets (NPA) for the quarter stood at 4.96 per cent of the total advances, which was better than 5.42 per cent (pro forma NPA) seen in the December quarter.

The private lender made a net provision of Rs 2,883 crore for the quarter, which included Rs 1,000 crore in Covid-related provisions. The private lender had made provisions worth Rs 5,967 crore in the year-ago quarter.

“During Q4, the bank utilised contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as these loans have now been classified as per the RBI guidelines. Further, the bank made additional Covid-19 related provisions of Rs 1,000 crore during Q4-2021,” it said.

The bank said it held Rs 7,475 crore worth Covid-19-related provisions as of March 31.

Fee income for the bank rose 6 per cent year-on-year to Rs 3,815 crore from Rs 3,598 crore in the year-ago quarter. Retail fees accounted for 77 per cent of total fees, the bank said in a BSE filing.

Going into the earnings day, brokerage Macquarie had a target of Rs 700 on the stock. Nomura had a target of Rs 665 on the private lender, HSBC Rs 630 and Bernstein Rs 610. Shares of ICICI Bank closed at Rs 570.05 on Friday, down 1.57 per cent.

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