ICICI Bank Q4 PAT surges 59.4% to Rs 7,018.7 cr

NII stood at Rs 12,605 cr, other income rose 15% to Rs 4,737 crore

Private sector lender ICICI Bank on Saturday reported a 59.4 per cent year-on-year surge in net profit to Rs 7,018.7 crore for the quarter ended March. 

The bank had reported a standalone profit after tax (PAT) of Rs 4,403 crore during the corresponding quarter of the previous financial year.

The net interest income, which is the difference between interest earned and interest expended, rose 21% year-on-year to Rs 12,605 crore from ₹10,431 in the same quarter a year ago. Other income, too, rose 15% from a year ago to Rs 4,737 crore.

The bank's board has also approved a dividend of Rs 5 per share for the shareholders.

The asset quality of the private lender continued to show improvement as net non-performing assets ratio came in at 0.76 per cent for the March quarter as against 0.85 per cent in the last quarter. 

Provisions and contingencies in Q4FY22 declined to Rs 1,068.95 crore compared to ₹2 883.47 crore in corresponding quarter last year.

The lender's total deposits grew by 14% year-on-year to ₹10,64,572 crore as of March 31, 2022. While the domestic loan portfolio grew by 17% year-on-year.

“Our approach has been that we will focus on our risk calibrated operating profits. We have got guardrails in which we lend, whether its corporates, wholesale, project finance, or retail, anything that comes within that framework, we are happy to lend. We do not target growth rates of assets”, said Sandeep Batra, Executive Director, ICICI Bank.   

“We are very much focused on growing organically. There are opportunities sometimes in buyouts of certain portfolios and assets, which we have been doing and an area that we are looking at”, he added. 

On Friday, the shares of ICICI Bank ended at Rs 762 on the BSE.