ICICI Bank's standalone Q4 net profit up 189%

Private sector lending major ICICI Bank on Wednesday reported an exponential rise of 189 per cent in its stand-alone net profit for the fourth quarter (Q4) of Fiscal 2016-17.

The bank's net profit rose to Rs 2,025 crore from Rs 702 crore reported in the fourth quarter of FY 2015-16.

The net interest income increased by 10 per cent on a year-on-year (YoY) basis to Rs 5,962 crore during the quarter under review from Rs 5,404 crore in the quarter ended March 31, 2016.

"Non-interest income was Rs 3,017 crore (US$ 465 million) in Q4-2017 compared to Rs 2,978 crore (US$ 459 million), excluding gains of Rs 2,131 crore (US$ 329 million) on sale of stake in insurance subsidiaries, in Q4-2016," the private lender said in a statement.

"Fee income increased by 11 per cent on a year-on-year basis to Rs 2,446 crore (US$ 377 million) in Q4-2017 from Rs 2,212 crore (US$ 341 million) in Q4-2016."

Besides, the bank's domestic advances grew by 14 per cent on a YoY basis, while the retail portfolio increased by 19 per cent year-on-year and constituted 52 per cent of the total portfolio at March 31, 2017.

"Standalone profit after tax was Rs 9,801 crore (US$ 1.5 billion) for FY2017 compared to Rs 9,726 crore (US$ 1.5 billion) for FY2016," the statement said.

"Consolidated profit after tax was Rs 10,188 crore (US$ 1.6 billion) in FY2017 compared to Rs 10,180 crore (US$ 1.6 billion) in FY2016."

The company pointed out that its Board of Directors has recommended a dividend of Rs 2.50 per share, and an issue of bonus shares in the ratio of one equity share for every 10 equity shares (including shares underlying ADS (American Depositary Share)), subject to requisite approvals.

--IANS

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