Q3: ICICI Bank internet rises 19%, asset high quality improves

Private sector lender ICICI Bank has reported a 19 per cent year-on-year rise in internet revenue at Rs 4,940 crore within the quarter ended December, in comparison with Rs 4,146 crore within the year-ago interval.
The financial institution’s asset high quality improved, with gross non-performing property declining to 4.38 per cent within the newest quarter from 5.95 per cent final 12 months. The financial institution held combination Covid-19-related provision of Rs 9,984 crore, together with contingency provision for proforma NPAs amounting to Rs 3,509 crore for loans not labeled as non-performing within the wake of the Supreme Court’s interim order.

The financial institution mentioned the asset high quality indicators are seeing an enchancment. According to the financial institution, loans value Rs 8,280 crore weren’t labeled as NPA, owing to the Supreme Court order. This included retail loans value Rs 7,521 crore and Rs 759-crore value company and small enterprise loans.
The financial institution mentioned whole deposits grew by 22 per cent year-on-year to Rs 874,348 crore, with 19 per cent development in common present and financial savings account (CASA) deposits in Q3 of 2021.