ICICI Bank reports a near 60% jump in net profits in March quarterICICI Bank reported a near 60 per cent jump in net profits to 7,018.71 crore in the January-March quarter from a year ago, and the company’s board recommended a dividend of Rs 5 per share.The lender had reported a net profit of 4,402.61 crore in January-March 2021, indicating a 59.4 per cent increase.The total income rose by over 14 per cent to 27,412.32 crore in the March quarter, compared to 23,953.02 crore in the corresponding period last year, the company said in a stock exchange filing.Net interest income (NII), the difference between the income earned from lending activities and the interest paid to depositors, increased by 21 per cent to Rs 12,605 crore from Rs 10,431 crore in the same quarter a year ago, it said.The bank’s asset quality improved as the gross non-performing assets fell to 3.60 per cent of the gross advances as of March 31, 2022, from 4.96 per cent in the corresponding period a year ago.The non-performing asset ratio, a measure of net non-performing customer assets to net customer assets, also fell to 0.76 per cent in the January- March quarter from 1.14 per cent in the same period a year ago.As a result, provisions other than tax and contingencies for the quarter declined to Rs 1,069 crore, from Rs 2,883 crore a year earlier.Provision Coverage Ratio (PCR) as at the end of third-quarter stood at 79.2 per cent, ICICI bank said.
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