ICICI Bank, India's largest private sector lender, reported 189 percent increase in standalone net profit for the March 2017 quarter (Q4) to Rs 2,025 crore ($312 million) from Rs 702 crore ($108 million) in the corresponding period last year, helped by a drop in provisioning for bad loans and rise in net interest income.
In a statement released on Wednesday evening, the bank said that consolidated net profit for Q4 rose to Rs 2,083 crore ($321 million) from Rs 407 crore, YoY.
Provisioning for bad loans at a standalone level stood at Rs 2,898 crore, down from Rs 3,326 crore in the year-ago period.
Net interest income for Q4 rose to Rs 5,962 crore ($919 million) from Rs 5,404 crore ($833 million) in the corresponding quarter of 2015-16, the statement said.
Non-interest income rose to Rs 3,017 crore ($465 million) for Q4 from Rs 2,978 crore ($459 million) in the year-ago period, excluding gains of Rs 2,131 crore ($329 million) on sale of stake in insurance subsidiaries.
On the flip side, gross non-performing assets (NPAs) and net NPAs as of March 31, 2017 shot up to 7.89 percent and 4.89 percent, respectively, from 5.21 percent and 2.67 percent, respectively, as of March 31, 2016.
The bank declared a dividend of Rs 2.50 per equity share and bonus shares in the ratio of 1:10.
ICICI Bank's domestic advances grew 14 percent, YoY, while retail portfolio rose at a higher clip of 19 percent and constituted 52 percent of the total advances at the end of fiscal 2017. Deposits increased by 16 percent, year-on-year.
Consolidated profit after tax for full year 2016-17 was Rs 10,188 crore ($1.6 billion) as against Rs 10,180 crore ($1.6 billion) in 2015-16.
The bank's capital adequacy as of March 31, 2017 as per Reserve Bank of India's guidelines on Basel III norms was 17.39 percent and Tier-1 capital adequacy was 14.36 percent compared to the regulatory requirements of 10.30 percent and 8.30 percent, respectively, the lender said.
Shares of ICICI Bank closed 1.16 percent down at Rs 272.75, ahead of the results.
