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ICICI Bank Q4FY22: PAT jumps 59% YoY, board recommends dividend

ICICI Bank recorded a strong March 2022 (Q4FY22) quarter with net income crossing more than the 7,000 crore mark. The lender earned a net profit of 7,019 crore in Q4FY22 rising by a whopping 59% year-on-year.

The bank had posted a net profit of 4,403 crore in the March quarter of the previous fiscal FY21.

Net interest income which is the difference between interest earned and interest expended, stood at 12,605 crore in Q4FY22 up by 21% from 10,431 in the same quarter a year ago.

Net interest margin was 4.00% in Q4-2022 compared to 3.84% in Q4-2021 and 3.96% in the quarter ended December 31, 2021 (Q3-2022).

Provisions and contingencies in the Q4FY22 drastically dropped to 1,068.95 crore compared to 2 883.47 crore in Q4 last year.

The provision coverage ratio on non-performing assets was 79.2% on March 31, 2022.

The bank’s asset quality also improved as gross NPA stood at 3.60% in Q4FY22 versus 4.96% in Q4FY21 and 4.13% in Q3FY22. Net NPA stood at 0.76% in Q4FY22 against 1.14% in Q4FY21 and 0.85% in Q3FY22.

Core operating profit (profit before provisions and tax, excluding treasury income) grew by 19% year-on-year to 10,164 crore ( $1.3 billion) in the quarter ended March 31, 2022 (Q4-2022).

Meanwhile, total deposits grew by 14% year-on-year to 10,64,572 crore ($ 140.5 billion) as of March 31, 2022. The average CASA ratio was 45% in Q4-2022.

While the domestic loan portfolio grew by 17% year-on-year.

On a standalone basis, the profit after tax grew by 44% year-on-year to 23,339 crore ($ 3.1 billion) in FY2022 from Rs16,193 crore ($ 2.1 billion) in the year ended March 31, 2021 (FY2021).

The Board has recommended a dividend of 5 per share (equivalent to a dividend of $ 0.13 per ADS) in line with applicable guidelines. The declaration of dividends is subject to requisite approvals. The record/book closure dates will be announced in due course.

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