ICICI Bank T3 net up 25% as interest income increases; asset quality improves

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Helped by higher interest income, ICICI Bank on Saturday reported a 25% increase in net profit to Rs 6,194 crore in the December quarter of FY22 from Rs 4,940 crore in the same period a year ago.

Total revenue rose to Rs 27,069 crore in the quarter from Rs 24,416 crore last year. The bank’s asset quality improved with Gross Non-Performing Assets (NPA) at Rs 37,052 crore (4.13%) in December 2021 from Rs 34,860 crore (4.38%) one year ago.

Last week, HDFC Bank announced an 18% increase in its third quarter net profit to Rs 10,342 crore.

Net interest income (NII) for ICICI Bank increased by 23% year-on-year to reach Rs 12,236 crore in Q3FY22 from Rs 9,912 crore. Net interest margin was 3.96%, compared to 3.67% in the third quarter of FY21 and 4.00% in the quarter ended September 2021.

The value of mobile banking transactions increased by 50% year-on-year to Rs 4,55,326 crore. Digital channels like the internet, mobile banking, point-of-sale (PoS) and others accounted for more than 90% of savings account transactions in the nine months of fiscal 2022.

Private Banking’s retail loan portfolio grew 19% year-on-year and 5% sequentially, and represented 61.3% of the total loan portfolio as of December 2021. Including non-funds outstanding, portfolio retail lending was 51.3 percent of the total portfolio.

He said the value of credit card spending in Q3FY22 was 2.2 times the value of credit card spending in Q3FY21, and increased 27% sequentially. ICICI Bank’s corporate banking portfolio grew 39% year-on-year and 9% sequentially.

SME activity, made up of borrowers with turnover of less than Rs 250 crore, rose 34% year-on-year and 10% sequentially. National Wholesale Banking portfolio growth was 13% year-over-year and 9% sequentially. Domestic advances increased 18% year-on-year and 6% sequentially from December 2021.

Total advances increased by 16% year-on-year and 6% sequentially to reach Rs 8,13,992 crore in the third quarter. Total deposits grew by 16% year-on-year and 4% sequentially to reach Rs 10,17,467 crore in December 2021.

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Yes Bank’s profit rises to Rs 266 crore

New Delhi: Private sector lender Yes Bank on Saturday announced a 77% increase in profit to Rs 266.43 crore for the third quarter ended December 2021. The bank had recorded a profit of Rs 150.77 crore in the October to December quarter a year ago.

However, total revenue in the quarter under review fell to Rs 5,632.03 crore from Rs 6,408.53 crore in the same period of the previous financial year, Yes Bank said in a regulatory filing. Net interest income also fell by 31% to Rs 1,764 crore from Rs 2,560 crore in the same quarter a year ago.

The bank’s gross non-performing assets (GNPA) as a percentage of assets declined to 14.65% in the quarter from 15.36% a year ago. PTI

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