ICICI Bank Q3 net profit rises over two-fold to Rs 4,146 crore

Private sector lender ICICI Bank on Saturday reported an over two-fold jump in standalone net profit at Rs 4,146.46 crore for the third quarter ended December 2019.

It had registered a net profit of Rs 1,604.91 crore in the October-December period a year ago, ICICI Bank said in a BSE filing.

Total income rose 17.23 per cent to Rs 23,638.26 crore during the quarter under review as compared to Rs 20,163.25 crore in the corresponding period a year ago.

The bank's asset quality improved with gross non-performing assets (NPAs) falling to 5.95 per cent of gross loans at December-end 2019, compared to 7.75 per cent a year ago.

"The net interest margin was 3.77 per cent in Q3, FY2020 compared to 3.64 per cent in the quarter ended September 30, 2018 (Q2, FY2020) and 3.40 per cent in Q3, FY2019," ICICI Bank said in a statement.

Net NPAs stood at 1.49 per cent of total advances as against 2.58 per cent as on December 2018.

"Provisions (excluding taxes) declined by 51 per cent year-on-year to Rs 2,083 crore in Q3 FY2020 from Rs 4,244 crore in Q3 FY2019," it said.

In absolute term, gross bad loans of the lender stood at Rs 43 453.86 crore as on December 31, 2019 as compared to Rs 51 591.47 crore a year ago