ICICI Bank FY20 results: Profit jumps 135% to Rs 7,931 crore; asset quality improves

For the fourth quarter ended March 31, 2020, ICICI Bank reported a 26 per cent rise in net profit at Rs 1,221 crore compared to Rs 969 crore a year ago

Urvish Patel   Gujrat

securities in domestic markets upto of Rs 25,000 crore by way of private placement

                                                                 

Private lender ICICI Bank on Saturday reported a sharp 135 per cent year-on-year (YoY) growth in its net profit at Rs 7,931 crore for the financial year ended March 31.

The Mumbai-headquartered bank had posted net profit of Rs 3,363 crore in the financial year 2018-19, ICICI Bank said in a filing to the Bombay Stock Exchange.

For the full year FY20, the bank's net interest income, the difference between interest earned and interest expended, surges by 23.14 percent to Rs 33,267 crore versus Rs 27,015 crore in the previous fiscal. Non-interest income rose to Rs 15,156 crore as compared to Rs 13,146 crore in FY19.

For the fourth quarter ended March 31, 2020, ICICI Bank reported a 26 per cent rise in net profit at Rs 1,221 crore compared to Rs 969 crore a year ago, due to higher COVID-19 related provisions. The lender had made COVID-19 related provision of around Rs 2, 725 crore against standard assets to strengthen balance sheet.

Excluding COVID-19 related provisions, the profit after tax would have been Rs 3,260 crore in Q4 FY20, the bank said.