ICICI Bank profit rises 36 per cent YoY for Q1FY21

ICICI Bank Ltd., an Indian multinational banking and financial services company announced its quarterly results on July 25, 2020. Profit after tax (PAT) stood at Rs 2,599.15 crore for Q1FY21, which increased by 36.2 per cent YoY, as compared to Rs 1,908 crore it reported for the same quarter, previous year.

Net interest income (NII) came in at Rs 9,279.75 crore, which witnessed a growth of 19.9 per cent YoY, compared to Rs 7,737.43 crore in Q1FY20. The net interest margin was 3.69 per cent in Q1FY21 compared to 3.61 per cent in Q1FY20.

The bank posted a total income of Rs 26,066.95 crore in Q1FY21 that increased by 21.8 per cent YoY from Rs 21,405.5 crore in Q1FY20. Operating profit in Q1FY21 was at Rs 10,776.45 crore with a growth of 71.4 per cent YoY, compared to Rs 6,288.46 crore in Q1FY20.

Provisions and contingencies increased by 117.2 per cent YoY to Rs 7,593.95 crore in Q1FY21, as against Rs 3,495.73 crore in Q1FY20.

On asset quality front, gross non-performing asset (NPA) reported in Q1FY21 stood at Rs 40,386.24 crore, which registered a decline of 2.5 per cent QoQ. Net NPA reported in Q1FY21 came in at Rs 8,674.65 crore, which registered a decline of 14.2 per cent QoQ.

 Gross NPA stood at 5.5 per cent in Q1FY21, which reduced by 7 bps QoQ, compared to 5.53 per cent for the previous quarter. Net NPA stood at 1.23 per cent in Q1FY21 that declined by 18 bps QoQ, as against 1.41 per cent in Q4FY20. Capital adequacy ratio stood at 16 per cent in Q1FY21, which declined 11 per cent QoQ, as against 16.11 per cent in Q4FY20.

On Friday, the stock declined by 2.66 per cent and closed at Rs381.85 on BSE.