ICICI Bank has reported a net profit of INR44.03bn ($602m) for the fourth quarter ending 31 March 2021, a 260.5% rise compared to INR12.21bn ($167m) for the same period in 2020.
The bank has reported a core operating profit of INR85.65bn ($1.2bn) for the fourth quarter (Q4) 2021, an increase of 20% compared to INR71.48bn ($978m) for Q4 2020.
The firm has allotted an additional Covid-19 related provision of INR10bn ($137m) for Q4 2021 and held Covid-19 related provisions of INR74.75bn ($1bn) as of 31 March 2021.
The bank had a network of 5,266 branches and 14,136 ATMs as of 31 March 2021.
ICICI bank attributed the rise in mortgage disbursements for Q4 2021 to its efforts to improve customer experience by digitising the underwriting process, enabling instant loan approvals.
ICICI Bank executive director Sandeep Batra said: “The level of economic activity saw an increasing trend from January to March. However, the sharp rise in Covid-19 cases in recent weeks has led to the re-imposition of restrictions in various states and cities which have impacted economic activity.
“We would like to thank the medical and health workers’ fraternity for their tireless effort in this fight against Covid-19.
“We express our gratitude to our colleagues who continue to serve our customers despite the challenging environment. 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’s Retail Banking division reported net revenue of INR197.97bn ($2.65bn) for Q4 2021, a 4.8% rise compared to INR188.47bn ($2.52bn) for the corresponding quarter in 2020.
Its Wholesale Banking division reported net revenues of INR91.40bn ($1.22bn) for Q4 2021, compared to INR101.68bn ($1.36bn) for the same period the previous year.
The company’s Life Insurance business reported net revenue of INR146.74bn ($1.96bn) for Q4 2021, compared to INR121.92bn ($1.63bn) for Q4 2020.
