India’s private banking major ICICI Bank reported strong earnings for the quarter ending March 31, 2021. The bank reported a 260% growth in its Q4 stand alone Profit after Tax (PAT) to INR 44.03bn ($602mn) up from INR 12.21bn ($167mn) last year. Highlights of the earnings are as follows:
  • Core operating profit grew 20% YoY to INR 85.65bn ($1.2bn); net interest margins grew to 3.84%
  • Bank deposits were up 21% to INR 9.33tn ($127.6bn); retail portfolio grew 20% YoY and 7% QoQ
  • Consolidated PAT was at INR 48.86bn ($668mn) vs. INR 12.51bn ($171mn) in 4Q2021. Though the profit was much higher YoY, it was lower than Q3 at INR 54.98bn ($752mn)
  • The Bank made additional Covid-19 related provision of $ 137mn in Q4 and held Covid-19 related
    provisions of $1bn. Provision coverage ratio was 77.7% ending March 2021
  • Net non-performing assets decline to 1.14% from 1.13% over the quarter and CET1 was at 18.06%

Mr. Sandeep Bakhshi, Managing Director and CEO of ICICI Bank said that “At ICICI Bank, we have continued to steadily grow our business and franchise, while maintaining and enhancing the strength of our balance sheet.”

ICICI Bank bonds were flat with its UK Plc 5.375% 2028s trading at 103.48 and its Dubai Plc 3.25% 2022s trading at 102.59
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