ICICI Bank’s Q1FY21 net earnings rises 36% to Rs 2,599 cr


In image: People wait to deposit and withdraw their cash outside an ICICI Bank ATM in Rajkot, India, November 8, 2016.Reuters

Private sector lending main ICICI Bank on Saturday noted a 36 per cent growth in standalone web profit of Rs 2,599 crore for the initially quarter of 2020-21.

The bank experienced attained a web financial gain of Rs 1,908 crore for the corresponding period of time of the previous fiscal.

Similarly, net curiosity earnings (NII) increased by 20 per cent year-on-calendar year t o Rs 9,280 crore in Q1FY21 from Rs 7,737 crore in Q1-2020.

Web fascination margin was 3.69 for each cent in Q1-2021

“The internet curiosity margin was 3.69 for each cent in Q1-2021 in contrast to 3. 87 for each cent in the quarter ended March 31, 2020 (Q4-2020) and 3.61 for each cent in Q1-2020, reflecting the greater liquidity with the bank because of to sturdy deposit inflows and confined credit rating demand because of to the lockdown,” the organization said in a statement.

The bank manufactured provisions (excluding COVID-19 related provisions and provision for tax) declined by 42 per cent yr-on-12 months to Rs 2,044 crore in Q1FY21 from Rs 3,496 crore in Q1-2020.

“The lender has designed supplemental COVID-19 linked provisions of Rs 5,550 crore on a prudent basis in Q1-2021 with the aim of completely cushioning the stability sheet from the impression of Covid-19.” Moreover, the bank held COVID-19 relevant provisions amounting to Rs 8,275 crore as of June 30, 2020.

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“This supplemental provision held by the lender is much more than the requirement as per the RBI guideline dated April 17, 2020,” “Web non-doing assets (NPA) decreased by 51 per cent from Rs 24,170 crore at June 30, 2018 to Rs 11,857 crore at June 30, 2019,” the assertion said.

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