New Delhi: India's largest private sector lender ICICI Bank's fiscal third quarter (October-December) unconsolidated net profit surged 20.25% to Rs 17.28 billion from Rs 14.37 billion in the same quarter a year ago led by higher income from interest and lower provisions.
The company's net interest income in the three months to December 31 increased by 17.32% to Rs 27.12 billion from Rs 23.11 billion in the corresponding period last fiscal year, ICICI Bank said in a filing to stock exchanges Tuesday.
ICICI Bank's outstanding advances at the end of the quarter were at Rs 2.46 trillion, rising by 19.09% from Rs 2.06 trillion a year ago, while its total deposits as on December 31 at Rs 2.60 trillion rose by 19.67% as compared to Rs 2.17 trillion a year ago.
Gross non-performing assets (NPAs), or bad loans, fell to 3.82% of advances as on December 31 from 4.75% in the same period previous fiscal year, while its net NPAs also decreased to 0.83% from 1.39%.
The bank's provisions and contingencies during the quarter fell by 26.52% to Rs 3.41 billion as compared to Rs 4.64 billion in the year-ago period.
Capital adequacy ratio -- the amount of capital in proportion to a lender's advances -- was at 18.88% at the end of the quarter lower than 19.98% recorded in the same period last fiscal year.
ICICI Bank's shares were trading at Rs 893.55 on the Bombay Stock Exchange (BSE) at 1:36 pm today, up 4.88% from the previous close.
Copyright Contify.com
