ICICI Bank's Q4FY19 PAT drops by 4.99% to Rs 969.06 crore; net NPA ratio lowest in 13 quarters
Among key highlights were decline in both provisions and gross non-performing assets (GNPA).
Private lender ICICI Bank recorded a 4.99% plunge on year-on-year (yoy) in its standalone net profit to Rs 969.06 crore during March 2019 (Q4FY19) quarter. The bank had posted PAT of Rs 1,020 crore in Q4FY18. Interestingly, Q4FY19 PAT dropped by a whopping 39.61% from Rs 1,609.91 crore in the preceding quarter. Net Interest Income (NII) which is a difference between interest earned and expenses, came in at Rs 7,620.06 crore up by 26.54% from Rs 6,021.67 crore in Q4FY18, also higher by 10.83% from Rs 6,875.25 crore in Q3FY19. Among key highlights were decline in both provisions and gross non-performing assets (GNPA).
In Q4FY19, provisions came in at Rs 5,451.41 crore down by 17.72% from Rs 6,625.75 crore in Q4FY18. However, was up by 28.44% versus Rs 4,244.15 crore in Q3FY19. Provision coverage ratio (including technical/prudential write-offs) increased from 60.5% at March 31, 2018 to 80.7% at March 31, 2019, further strengthening the balance sheet.
At the same time, gross NPA decreased by 14.73% to Rs 46,291.63 crore in Q4FY19, from Rs 54,062.51 crore in Q4FY18. It was also below 10.27% compared to Rs 51,591.47 crore in Q3FY19. In percentage terms, GNPA improved at 6.70% in Q4FY19 versus 7.75% in Q3FY19 and 8.84% in Q4FY18.
Net NPA ratio decreased from 2.58% at December 31, 2018 to 2.06% at March 31, 2019 - lowest in the last 13 quarters.
Net interest margin was at 3.72% in Q4-2019.
Further, core operating profit (profit before provisions and tax, excluding treasury income) grew by 26% year-on-year to Rs 6,077 crore (US$ 879 million) in the quarter ended March 31, 2019 (Q4-2019).
As on March 2019, domestic loan registered growth of 17% year-on-year driven by retail lending which grew by 22% year-on-year and constituted 60% of the loan portfolio. A 16% yoy growth was witnessed in total deposits. Also, 12% year-on-year growth in current and savings account (CASA) deposits; period-end CASA ratio at 49.6% at March 31, 2019.
Total capital adequacy ratio of 16.89% and Tier-1 capital adequacy ratio of 15.09% on standalone basis.
On Sensex, the share price of ICICI Bank finished at Rs 401.40 per piece subdued compared to previous trading session. The stock however, touched an intraday high and low of Rs 404.85 per piece and Rs 394.45 per piece respectively.