ICICI Bank rises after good Q3 results

ICICI Bank rises 0.96% to Rs 539.1 on the back of rise in profits, improvement in asset quality and sharp decrease in provisions.

ICICI Bank reported a 158.4% jump in net profit to Rs 4,146.46 crore on a 17.2% rise in total income to Rs 23,638.26 crore in Q3 December 2019 over Q3 December 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 43,453.86 crore as on 31 December 2019 as against Rs 45,638.79 crore as on 30 September 2019 and Rs 51,591.47 crore as on 31 December 2018.

The ratio of gross NPAs to gross advances stood at 5.95% as on 31 December 2019 as against 6.37% as on 30 September 2019 and 7.75% as on 31 December 2018. The ratio of net NPAs to net advances stood at 1.49% as on 31 December 2019 as against 1.6% as on 30 September 2019 and 2.58% as on 31 December 2018.

Net interest income (NII) increased by 24% YoY to Rs 8,545 crore in Q3 2019 from Rs 6,875 crore in Q3 2018. The net interest margin stood at 3.77% in Q3 December 2019 as compared to 3.64% reported in Q2 September 2019 and 3.4% in Q3 December 2018.

The bank's provisions and contingencies (excluding tax provisions) reduced by 51% and stood at Rs 2083.20 crore in Q3 December 2019 as against Rs 4,244.15 crore in Q3 December 2018.

Provision Coverage Ratio as on 31 December 2019 stood at 76.2% as against 68.4% on 31 December 2018.

Total capital adequacy ratio of 16.50% and Tier-1 capital adequacy ratio of 14.98% on a standalone basis at 31 December 2019, including profits for nine months ended 31 December 2019.

ICICI Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

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