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Bond Market News

ICICI Bank Reports 59% Rise in Profits

April 25, 2022

ICICI Bank reported a 59% YoY increase in standalone net profits to INR 70bn ($926mn) during the previous quarter. Total income of the bank rose to INR 274bn ($3.6bn), up 15% YoY. Provisions (excluding provision for tax) declined by 63% to INR 10.7bn ($141mn) during the previous quarter. The bank’s net interest income (NII) increased by 21% and non-interest income rose 11%, with fee income up by 11%. Regarding asset quality, net non-performing assets (NPAs) declined by 24% YoY and 5% QoQ with its net NPA ratio down to 0.76% at end-March 2022 from 0.85% at end-December 2021 and 1.14% in March 2021. Tier-1 capital adequacy was at 18.35% compared to the minimum regulatory requirement of 9.70%.

ICICI’s USD 3.8% 2027s were stable at 91.16, yielding 4.37%.

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