IBN - ICICI Bank Q3 net profit rises 19% to ?49.4B beats estimates

ICICI Bank (IBN): Q3 net profit of ?49.4B (+19% Y/Y) vs. a consensus of ?42.7B.Net interest income rose 16% Y/Y to ?99.12B vs. a consensus of ?95.1BQ3 net interest margin was 3.67%, compared to 3.57% in the prior quarter and 3.77% a year ago.Total deposits grew by 22% Y/Y to ?8743.48B (about $119.7B) at Dec. 31, 2020.In Q3, the gross additions to NPAs were ?4.71B ( about $64M). Recoveries and upgrades, excluding write-offs, from nonperforming loans were ?17.76B (~$ 243M).The net NPA ratio was 0.63% on Dec. 31, 2020.The Bank has changed its provisioning policy on NPAs to make it more conservative. The contingency provision made on a prudent basis for loans overdue for more than 90 days on Dec. 31, 2020, but not classified as non-performing according to the Supreme Court’s interim order also reflects the revised policy.The policy change resulted in the higher provision on advances of ?20.96B (~$287M) during

For further details see:

ICICI Bank Q3 net profit rises 19% to ?49.4B, beats estimates