ICICI Bank Q4 net up 10% at Rs 2,922 cr

Private sector lender ICICI Bank on Monday reported a 10% rise in net profit on standalone basis at Rs 2,922 crore for the January-March quarter.

It had posted Rs 2,652 crore profit in the fourth quarter of the 2013-14 fiscal.

It posted a 13.2% increase in consolidated profits for the quarter ended March 31, 2015. The bank reported profits of Rs 3084.9 crore versus Rs 2724.2 crore in same period previous fiscal.

Asset quality, however, was a concern with gross non-performing assets (NPA) at 3.78% in the March quarter, up from 3.03% in the corresponding period last fiscal. Net NPAs stood at 1.61% compared to 0.97% in Q4 of FY14.

Retail advances grew 25% on an annual basis, with current and savings account (CASA) deposits recording a 15% growth . The CASA ratio was at 45.5 at March 31, 2015, while net interest margin (NIM), a key indicator of a bank's health, improved to 3.48% in FY2015 compared to 3.33% in FY2014.

The net interest income (NII) increased 17% to Rs 5,079 crore in the March quarter from Rs 4,357 crore in the same period last financial year. Cost-to-income ratio was at 36.2, compared to 39.2 a year ago. Provisions were at Rs 1,344 crore in the fourth quarter of FY15 compared to Rs 980 crore in the third quarter of FY15, and Rs 714 crore in the fourth quarter of the last fiscal.

Total advances increased by 14% year-on-year to Rs 3.87 lakh crore at March 31, 2015 from Rs 3.38 lakh crore at March 31, 2014. The year-on-year growth in domestic advances was 18%. The consolidated profit after tax increased by 11 per cent to Rs 12,247 crore in FY15 compared to Rs 11,041 crore in FY14.

The lender declared a dividend of Rs 5 per share.

On Monday, ICICI Bank scrip was down 3% in the afternoon trade at Rs 298 on the BSE.

ICICI Bank