ICICI Bank has reported a profit after tax of $676m for the third quarter ended 31 December 2020 (Q3 2021), a 19% increase compared to $567m for the quarter ended 31 December 2019 (Q3 2020).
ICICI Bank attributed the increase in Q3 2021 profits to the constant rise in economic activity and tailwinds from the festive season, along with its digital initiatives and extensive franchise.
The Indian banking firm reported a consolidated profit after tax of $752m for the Q3 2021, compared to $639m for Q3 2020. The consolidated return on equity (ROE) was 14.6% for Q3 2021.
ICICI Bank reported consolidated assets of $207.9bn for the quarter ended 31 December 2020, which increased by 16% from $178.6bn for the quarter ended 31 December 2019.
The bank has reported a gross non-performing asset (NPA) ratio of 4.38% in three months, compared to 5.17% in the quarter ended September 2020.
The NPA ratio includes the bank’s $412m loans, not classified as non-performing, as per the Supreme Court’s interim order and contingency provisions for the same.
The bank has reported a core operating profit, defined as profit before provisions and tax, excluding treasury income, of $1.1bn for Q3 2021, an increase by 15% compared to $960m for Q3 2020.
Results of ICICI Bank subsidiaries
ICICI’s Prudential Life Insurance business (ICICI Life) has reported a profit after tax of $42m for Q3 2021, compared to $41m for the same period of the previous year.
ICICI Life’s Value of New Business (VNB) unit reported a profit of $59m for Q3 2021, which increased by 0.5% compared to the same period the previous year.
ICICI Lombard General Insurance (ICICI General) reported a profit after tax of $43m for Q3 2021, a 7% increase compared to $40m for Q3 2020.
The business unit reported a Gross Direct Premium Income (GDPI) of $552m for Q3 2021, a 9% increase compared to $505m for the corresponding quarter previous year.
ICICI Securities business reported a profit of after-tax of $37m for Q3 2021, on a consolidated basis, compared to $19m for Q3 2020.
The ICICI Prudential Asset Management (ICICI AMC) has reported a profit after tax of $49m for Q3 2021, an increase of 17% compared to $42m for Q3 2020.
