ICICI Bank Q4 net jumps 26% at Rs 1,221 crore, provisions up 9% YoY

Country’s largest personal lender ICICI Bank on Saturday launched its outcomes for the quarter ending March 31, 2020 and reported 26% rise in its standalone net revenue at Rs 1,221 crore. The net revenue of ICICI in year-ago interval was ₹969 crore. 

The net curiosity revenue of ICICI jumped by 17% to Rs 8,927 crore as in opposition to Rs 7,620 crore in March 2019. The financial institution made increased provisions of Rs 5,967 crore, together with coronavirus-related provisions of Rs 2,725 crore. The provisions within the earlier quarter have been Rs 2,083 crore.

“The impact of the Covid-19 pandemic could result in fewer business opportunities, lower revenues, and an increase in the levels of non-performing assets and provisions, depending inter alia upon the period of time for which the pandemic extends, the remedial measures adopted by governments and central banks, and the time taken for economic activity to resume at normal levels after the pandemic,” the financial institution stated in its submitting to inventory exchanges.

ICICI financial institution additionally knowledgeable that its board appoved fundraising of up to USD Three billion by way of issuance of bonds, notes, offshore certificates of deposits in abroad market over one yr and fundraising of up to Rs 25,000 crore in home market by issuance of debt securities has additionally been authorised by the lender’s board.

The revenue after tax of the financial institution grew by 136% year-on-year to Rs 7,931 crore in FY20 from Rs 3,363 crore within the yr ended March 31, 2019.

The lender’s gross non-performing asset (NPA) ratio for March quarter fell to five.53% as in opposition to 5.95% in December quarter whereas net NPA for March quarter additionally decreased, to 1.41% as in opposition to 1.49% in December quarter and a pair of.06% in year-ago interval.

The financial institution stated in an announcement that its core working revenue jumped by 18 per cent year-on-year to Rs 7,148 crore within the January to March quarter. The complete advances of ICICI additionally elevated by 10% year-on-year to ₹6.45 lakh crore at March 31, 2020, from Rs 5.86 lakh crore at March 31, 2019.

The complete deposits of the lender elevated by 18% year-on-year to ₹7.7 lakh crore at March 31, 2020.

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