ICICI Bank on January 25 registered a healthy 158.4 percent year-on-year (YoY) growth in Q3FY20 profit, driven by lower provisions and recoveries from non-performing loans (NPLs).

Net profit increased significantly to Rs 4,146.46 crore during the quarter, from Rs 1,604.91 crore in the same period last year.

Domestic advances grew 16 percent YoY and retail loan grew 19 percent YoY, the bank said, adding net interest margin for the quarter stood at 3.77 percent, higher from 3.64 percent in September quarter and 3.4 percent in December quarter 2018.

Total deposits increased by 18 percent to Rs 7.16 lakh crore, wherein CASA deposits grew 15 percent and term deposits grew 24 percent YoY.

Asset quality improved sequentially with gross non-performing assets (NPAs) as a percentage of gross advances falling 42 bps to 5.95 percent and net NPA declining 11 bps to 1.49 percent in the quarter ended December 2019.

In absolute terms, gross NPAs, as well as net NPAs, fell 4.8 percent each sequentially to Rs 43,453.86 crore and Rs 10,388.5 crore in Q3FY20 driven by better recoveries and upgrades, but slippages were higher on the quarter-on-quarter basis (QoQ).

"Recoveries, upgrades and other deletions excluding write-offs, from NPLs were Rs 4,088 crore in Q3FY20," ICICI Bank said, adding the gross additions to NPAs were Rs 4,363 crore for the quarter (against Rs 2,482 crore in the previous quarter).

The Bank's fund-based and non-fund based outstanding to borrowers rated BB and below (excluding non-performing assets) was Rs 17,403 crore during the quarter, higher compared to Rs 16,074 crore as of September 2019.

ICICI Bank said its consolidated profit grew by a whopping 149.2 percent YoY to Rs 4,670 crore in Q3FY20. "ICICI Life showed a 1.7 percent YoY growth in profit, ICICI General 23 percent, ICICI Securities 35.6 percent and ICICI Prudential AMC 55.6 percent," the bank said.

Source: MONEYCONTROL.COM