Private sector lender ICICI Bank posted a 2.7 percent year-on-year
(YoY) drop in its December quarter net profit at Rs 1,604.91 crore. The
asset quality also improved in Q3 with an improvement in both gross and net
non-performing asset (NPA) ratio.
The bank said
its net NPA ratio decreased to 2.58 percent in the December quarter from 3.65
percent in the September quarter. This is the lowest in the last 12 quarters.
It was 4.2 percent in Q3FY18.
Gross NPA ratio
dropped to 7.75 percent in the December quarter compared to 7.82 percent a
year ago and 8.54 percent in the September quarter. Gross NPA
additions decreased from Rs 3,117 crore in Q2FY19 to Rs 2,091 crore in
Q3FY19, which the bank said was the lowest in the last 14 quarters.
Also read- Q3FY19 Results of all Public & Private Sector banks in India
Also read- Q3FY19 Results of all Public & Private Sector banks in India
The bank also said gross
NPAs amounting to Rs 4,063 crore were recovered/upgraded/resolved through sale
in Q3. Provisions rose by
18.8 percent YoY to Rs 4,244 crore in the third quarter.
The bank's net
interest income (interest earned minus expended) was up 21 percent YoY at Rs
6,875 crore in Q3FY19. The net interest margin was 3.4 percent in Q3FY19
compared to 3.33 percent in the year-ago period.
Non-interest income,
excluding treasury income, was Rs 3,404 crore ($488 million) in Q3FY19 compared
to Rs 3,101 crore ($444 million) in Q3FY18. · Fee income grew 16 percent YoY to Rs
3,062 crore ($439 million) from Rs 2,639 crore ($378 million) in the previous
quarter. Retail fee constituted 73 percent of total fees.
CASA
(current account savings account) deposits increased 15 percent YoY to Rs 2.99
lakh crore at the end of Q3FY19. CASA ratio was 49.3 percent at December 31,
2018, compared to 50.8 percent as of September 30, 2018, and 50.4 percent as of
December 31, 2017.
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