The bank’s profit after tax grew by 136% year-on-year to INR79.31bn ($1bn) for the financial year 2020 from INR33.63bn ($444m) in 2019
ICICI Bank headquarters in Mumbai. (Credit: Sumedh/Wikipedia.org)
ICICI Bank, one of India’s largest private banks, has reported a 26% increase in its profit after tax to INR12.21bn ($161m) for the quarter ended March 2020.
The bank had allocated INR27.25bn ($359.6m) in Covid 19-related provisions in the quarter against its standard assets to strengthen its balance sheet. Other provisions excluding Covid 19-related provisions included INR32.42bn ($428m) for the quarter.
The total deposits of the bank increased by 18% year-on-year to INR 7709.69bn ($101.9bn) in the January-March quarter.
The average current account deposits increased by 15%, while the average savings account deposits had risen by 11% year-on-year for this quarter.
Term deposits had also increased by 29% year-on-year to INR4231.51bn ($55.9bn) in the three month period ending 31 March 2020.
The bank recorded a 98% increase in the volume of mobile banking transactions year-on-year in the first quarter of 2020.
ICICI Bank reports decline in net NPA ratio in March quarter
The lender has also reported a decline in it net non-performing asset (NPA) ratio to 2.06% in the March quarter compared to 1.41% in the same period a year earlier.
ICICI Bank stated that in order to support its customers during the Covid 19 pandemic, 97% of its bank branches are functional with reduced working hours during the country-wide lockdown.
The bank also claimed that ATMs across the country remain operational at all times, with an average uptime of 98%. It has also deployed mobile ATM vans to benefit general public residing in and around the containment zones.
In March, the bank announced the launch of its digital banking platform, ICICIStack to ensure uninterrupted banking experience to customers in the wake of coronavirus.
The platform offers digital banking services and application programme interface (API) to customers in retail and business industries.
ICICI Bank stated: “In March 2020, the Bank launched a comprehensive digital banking platform called ICICI STACK.
“This platform offers nearly 500 services to ensure uninterrupted banking experience to the retail, business banking, SME and corporate customers.
“Many of these services are first-in-the industry and are available instantly on the Bank’s mobile banking platforms such as iMobile and InstaBIZ or the internet banking platform.”