Private sector bank ICICI Bank is reported to have secured a 19 percent rise in profit at Rs. 4, 940 crores in the third quarter in December.
The gross non-performing assets of the bank have declined to 4.38 percent in the latest quarter from 5.95 per cent last year. After that, the asset quality of the bank has been improved.
The ICICI bank has COVID-19 related provision of Rs. 9, 984 cores. Covid-19 related provisions include contingency provision for proforma NPAs amounted to Rs. 3, 509. The bank made these arrangements for loans, not marked as non-performing assets.
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According to the ICICI bank, the indicators of asset quality are witnessing improvement. Following Supreme Court’s order, the bank did not mark loans of Rs. 8, 280 as NPA. It also included retail loans worth Rs. 7, 521 core, and Rs. 759 crore under corporate and small business loans.
According to the ICICI bank, the total deposit increased by 22 per cent to Rs. 874,348 crore. It resulted in 19 per cent growth in average current and savings account (CASA) deposits in Q3 of 2021.