ICICI Bank on Saturday reported more than a three-fold jump in its standalone net profit to Rs 4,403 crore for the January-March quarter of 2020-21. Reacting to the development ICICI Bank stock will be on the spotlight on Monday.

The private sector bank had posted a net profit of Rs 1,221 crore in the year-ago quarter. Total standalone income rose to Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter. On a consolidated basis, the net profit of the private sector lender jumped to Rs 4,886 crore in the March quarter from Rs 1,251 crore in the last quarter of 2019-20.  Income on a consolidated basis rose to Rs 43,621 crore from Rs 40,121 crore for the reported quarter, ICICI Bank said in a regulatory filing.

Gross non-performing assets (NPAs) or bad loans of the bank fell to 4.96 percent of the gross advances by the end of March 2021 as against 5.53 percent by March 31, 2020. Net NPAs too came down to 1.14 percent as against 1.41 percent.

Provisions for bad loans and contingencies were cut to Rs 2,883.47 crore for the reported quarter, from Rs 5,967.44 crore parked aside in year-ago same quarter.

Covid-19 Impact: HDFC Bank deploys mobile ATM across India

What type of trading is more profitable amongst Forex/Crypto/Stock

India waives off basic customs duty, health cess on import of oxygen and more