Quarter 4 (Q4) results, ICICI Bank profit 26% to Rs. 1,221 crore, it rises year-on-year.

On Saturday, May 9, 2020, ICICI Bank announces that 26.03 per cent profit rise at Rs. 1,221.36 crore for the quarter ended March 31, 2020 and year-on-year, this profit increases, just like last year in the same period the profit figure at Rs. 969.06 crore.

The Financial year end at March 31, so every year till March 31 the profits have been counted to calculate the rises in amount. So the Net Profit of the company grew till March 31, 136 per cent to Rs. 7,931 crore, year-on-year.

For the financial year, the year divided in quarter and that are: Quarter1 (Q1), Quarter2 (Q2), Quarter3 (Q3), and Quarter4 (Q4). March 31, is the last day of the financial year.

ICICI Bank said the statement in a regulatory filing that the total income during the quarter under review increased to Rs. 23,443.66 crore from Rs. 20,913.82 crore in the same period of the proceding fiscal. It means the total income increased, during the quarter is Rs. 2,529.84 crore. And ICICI Bank also said that Core Operating Profit ( profit from firm’s core business, excluding any financing or tax related issues) grew by 18 per cent year-on-year to Rs. 7,148 crore till March 31, 2020.

Quality of Assets of the company improved with the improvement in percentage of Gross Non-performing Assets at 5.53 per cent on March 31, and it is Rs. 6.70 per cent in the same period last year. And the Gross Non-performing Assets (NPAs) or bad loan were cut off, 1.41 per cent as against 2.06 per cent as the last year.

The Private Sector Lender said “Excluding COVID-19 related provisions; the profit after tax would have been Rs. 3,260 crore about $ 431 million”. And ICICI Bank said that it made provisions (except those related to COVID-19 and provision related to tax) of Rs. 3,242 crore about $ 428 million during the quarter under review.

The overall provisions and contingencies increased 9.47 per cent to Rs. 5,967 crore, year-on-year.