ICICI Bank Q4 result, Profit jumps to Rs2,025 crore

ICICI Bank, the country's largest private sector lender, has reported a 188.4 percent (nearly 3-fold) growth in fourth quarter profit at Rs 2,024.6 crore compared with Rs 702 crore in same quarter last fiscal. The growth was largely driven by net interest income and lower provisions despite sharp fall in other income and operating income.

Net interest income, the difference between interest earned and interest expended, grew by 10.3 percent to Rs 5,962.2 crore year-on-year, with loan growth of 6.65 percent at Rs 4.64 lakh crore.Deposits at the end of March quarter stood at Rs 4.9 lakh crore, a growth of 16.3 percent over same quarter last year.

Non-interest income (other income) during the quarter fell sharply by 41 percent to Rs 3,017.23 crore while operating profit plunged 28 percent to Rs 5,112.02 crore compared with corresponding quarter of previous fiscal.According to average of estimates of analysts polled by CNBC-TV18, profit during January-March quarter was expected at Rs 2,119.9 crore and net interest income at Rs 5,416.3 crore.Asset quality deteriorated further in January-March quarter. 

Gross non-performing assets (NPA) as a percentage of gross advances increased 69 basis points sequentially to 7.89 percent and net NPAs rose 93 bps to 4.89 percent.On an absolute basis, gross NPA spiked 11.7 percent to Rs 42,551.54 crore and net NPA jumped 26.3 percent to Rs 25,451.03 crore compared with previous quarter.Provisions for bad loans during the quarter increased 6.8 percent sequentially to Rs 2,898.22 crore but fell 12.86 percent compared with year-ago period.