ICICI Q3 net profit rises 158 percent

ICICI Bank has reported over two-fold increase in standalone net profit for the quarter ended December at Rs 4,146.46 crore. The net profit rose 158.36 per cent from Rs 1,604.91 crore reported in the year-ago quarter, the bank said here on Saturday.

The total income increased by 17.23 per cent year-on-year during the third quarter of FY20 to Rs 23,638.26 crore, ICICI Bank said in a regulatory filing.

Provisioning by the bank dropped by more than half as it set aside Rs 2,083.20 crore in the third quarter towards provisions and contingencies, down from Rs 4,244 crore in the year-ago period.

Recoveries, upgrades and other deletions, excluding write-offs, during the quarter were Rs 4,088 crore. "Net non-performing asset ratio decreased from 2.58 per cent at December 31, 2018 to 1.49 per cent at December 31, 2019," it said.