New Delhi: ICICI Bank has posted a huge profit of 26.1 percent in net profit during the last quarter of FY20-21. The bank's net profit rose to Rs 4,402 crore during this period. In fact, this increase in net profits has been recorded due to a good increase in the bank's interest income and a decline in provisioning.
Operating profits had increased by 15.6 percent compared to the fourth quarter of its previous fiscal (2019-200) during which it increased to Rs 8540 crore. Interest income has also increased by 5.24 percent over its previous period. 10,431 crore as compared to the same period last year. In the meantime, the bank has reduced its projecting to Rs 2,883 crore. However, the bank has made a profiting dividend of more than Rs 1000 crore in the March quarter. The projecting coverage ratio has reached 77.7 percent by March 2021.
The bank's total NPA declined to 4.96 percent at the end of March 2021 from 5.53 percent on March 31, 2020. Similarly, net NPA declined from 1.41 percent to 1.14 percent. The bank had to make a provision of Rs 2883.47 crore for NPA this quarter. The provision in this item during the corresponding period of the previous financial year was Rs. 5,967.44 crore.
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