Signals, Powered By EquityPandit
ICICI Bank reported a net profit of Rs 4,403 crore in Q4-2021, up 260.61% compared with a net profit of Rs 1,221 crore in Q4-2020. Total income during the quarter increased by 2.2% year-on-year (YoY) to Rs 23,953.02 crore. Net interest income (NII) increased by 17% YoY to Rs 10,431 crore in Q4-2021 from Rs 8,927 crore in Q4-2020. The net interest margin was at 3.84% as of 31 March 2021 as against 3.87% as of 31 March 2020.
The core operating profit increased by 20% YoY to Rs 8,565 crore in Q4 FY21 from Rs 7,148 crore in Q4 FY20. The bank incurred a treasury loss of Rs 25 crore in Q4FY21 compared to a profit of Rs 242 crore in Q4-2020. The treasury loss in Q4-2021 reflects the increase in yields on a fixed income and government securities. Provisions were Rs 2,883 crore in Q4-2021 compared to Rs 5,967 crore in Q4-2020. The provision coverage ratio was 77.7% on 31 March 2021.
During Q4-2021, the bank utilized contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of 31 December 2020, as these loans have now been classified as per the RBI guidelines. Further, the bank made additional COVID-19 related provisions of Rs 1,000 crore during Q4-2021. As of 31 March 2021, the bank held COVID-19 related provision of Rs 7,475 crore. The profit before tax was Rs 5,657 crore in the fourth quarter compared with Rs 1,423 crore in the same period last year.
