ICICI Bank on Saturday reported a 30 per cent jump in net profit to Rs 9,122 crore for the fourth quarter ended March 31. Despite an increase in provisions, the growth was ahead of market estimates.

The private sector lender’s net profit in the corresponding quarter of the previous fiscal was Rs 7,019 crore.

The bank’s net interest income (NII) posted a strong 40.2 per cent growth to Rs 17,667 crore during the fourth quarter from Rs 12,605 crore inthe corresponding previous period.

Net interest margin was at 4.9 per cent compared with 4 per cent in Q4 FY22 and 4.65 per cent in Q3 FY23.

Non-interest income, excluding treasury income, increased 11.3 per cent to Rs 5,127 crore during the quarter from Rs 4,608 crore during Q4 FY22. The bank incurred a treasury loss of Rs 40 crore during the quarter compared with a gain of Rs 129 crore in Q4 FY22.

The provisions, excluding those made for taxes, increased by 51.5 per cent to Rs 1,619 crore during the quarter from Rs 1,069 crore in the corresponding period of the previous year. Provisions during the quarter included contingency provisions of Rs 1,600 crore made on a prudent basis, the bank said in a statement.

The bank’s gross non-performing assets declined to 2.81 per cent on March 31, 2023, from 3.07 per cent on December 31, 2022, and 3.6 per cent on March 31, 2022. The bank wrote off gross NPAs amounting to Rs 1,158 crore during the quarter.

The bank’s capital adequacy on March 31, 2023, was 18.34 per cent and tier 1 capital adequacy was 17.6 per cent compared with regulatory requirements of 11.7 per cent and 9.7 per cent, respectively.

On the advances side, the domestic loans grew by 20.5 per cent during the quarter over the year-ago period.

While retail loans grew by 22.7 per cent, the business banking portfolio grew 34.9 per cent and the SME portfolio grew 19.2 per cent.

On the deposits side, current account deposits grew 9.3 per cent, while savings account deposits and term deposits grew 7.5 per cent and 17.1 per cent, respectively, on a year-on-year basis.

For the full financial year 2022-23, the bank’s profit after tax grew 36.7 per cent to Rs 31,896 crore from Rs 23,339 crore the previous year.

The board of the bank has recommended a dividend of Rs 8 per share.

Yes Bank net falls 45%

Yes Bank on Saturday posted a 45 per cent decline in net profit at Rs 202 crore, resulting from the doubling of provisions.

Net profit for the corresponding quarter of the previous year was Rs 367 crore.

The bank’s net interest income (NII) during the fourth quarter was at Rs 2,105 crore, up 15.7 per cent from Rs 1,819 crore in the corresponding quarter of the previous year. Non-interest income grew by 22.7 per cent during the March quarter to Rs 1,082 crore. Net interest margin showed an improvement from 2.5 per cent in Q4FY22 to 2.8 per cent in Q4FY23.

Its overall provisions in the reporting quarter were up 127 per cent to Rs 618 crore, which dented the bottomline on a year-on-year basis.

The bank’s gross non-performing assets stood at 2.2 per cent during the quarter against 2 per cent in Q3FY23 and 13.9 per cent in Q4FY22.