ICICI Bank reported a 24% increase in core operating profit for the quarter ended 30 September 2019
Image: ICICI Bank’s head office in Mumbai, India. Photo: Courtesy of Sumedh/Wikipedia.org.
Indian private banking giant ICICI Bank has reported that its core operating profit for the quarter ended 30 September 2019 grew by 24% on year-on-year basis to INR65,330m ($922m) from INR52,850m ($746m).
Net interest income also increased by 26% on year-on-year basis to INR80,570m ($1.1bn) for the quarter ended, from INR64,180m ($906m).
Non-interest income, excluding treasury income, stood at INR38,540m ($544m) for the quarter, compared to INR31,910m ($450m) for same period last year.
Fee income for the quarter increased by 16% year-on-year to INR34,780m ($491m), from INR29,950m ($423m) during the corresponding period last year Retail fees constituted 74% of the bank’s total fees for the quarter.
ICICI Bank’s Treasury reported a profit of INR3,410m ($48m) for the quarter under review, compared to a loss of INR350m ($5m) for same quarter last year.
Profit before tax for the quarter was INR43,670m ($616m), compared to INR12,560m ($177m) in the corresponding quarter of last year.
Profit after tax for the quarter was INR6550m ($92m)
According to ICICI Bank, its profit after tax for the quarter under review, on a standalone basis, decreased to INR6,550m ($92m), from INR9,090m ($128m) for last year’s corresponding period.
Excluding the impact of one-time additional charge due to re-measurement of accumulated deferred tax, profit after tax would have been INR35,750m ($504m) compared to the INR9,090m for last year, the bank claimed.
Excluding the impact of one-time additional charge because of re-measurement of accumulated deferred tax, consolidated profit after tax would have been INR41,010m ($579m) for the quarter in question.
Its consolidated assets grew by 13.3% year-on-year to INR12,881,900m ($181.8bn) for the period, from INR11,369,420m ($160.4bn) for September-end last year.
The bank said that it witnessed a 25% growth year-on-year in its total deposits for the quarter under review.
Its deposits increased to INR6,962,730m ($98.2bn) for September ending, compared to the same period last year.
The average current and savings account (CASA) ratio decreased to 42.2% for this quarter, compared to 43.4% for the last quarter and 47.1% for last year’s corresponding period.
Its term deposits increased to 35% on year-on-year basis to INR3,712,730m ($52.4bn) for last year’s September ending.
Domestic loans also witnessed a growth of 16% year-on-year for the quarter ended. Its retail loans also grew by 22% year-on-year, ICICI Bank said.
Net non-performing asset (NPA) ratio decreased from 1.77% for this year’s last quarter to 1.6% for the quarter ended 30 September 2019.
Net NPAs also decreased by 51% from INR220,860m ($3.1bn) for last year’s September ending to INR109,160m ($1.5bn) for this year’s September ending.
Consolidated profit after tax was INR11,310m ($160m) for the quarter under review, compared to INR25,140m ($355m) for the last quarter and INR12,050m ($170m) for the corresponding quarter of last year.