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Standalone web revenue elevated to Rs 5,511 crore within the quarter ended September 2021 up from Rs 4,251 crore a yr earlier led by a 25% development in web curiosity revenue (NII) which in flip was helped a powerful development in retail loans.
Retail loans grew 20% and comprised 62% of the entire mortgage portfolio at September 30, 2021 main the 17% development in complete advances and outpacing the 14% development in wholeaale advances throughout the quarter.
Govt director Sandeep Batra mentioned the financial institution will proceed to develop its mortgage e book in accordance with its inner threat and return parameters.
“We stay optimistic concerning the development of the Indian economic system and the numerous alternatives that it presents for us to develop with the choosing up of vaccinations and deleveraging by company India,” Batra mentioned.
Non-interest revenue development additionally was wholesome led by charges from retail, enterprise banking and SME prospects. Price revenue grew by 21% year-on-year to Rs 3,811 crore from Rs 3,139 crore (US$ 423 million) a yr in the past.
Treasury revenue fell to Rs 397 crore from Rs 542 crore a yr earlier and included a acquire of Rs 305 crore from sale of shares of ICICI Securities.
Provisions declined by 9% year-on-year to Rs 2,714 crore from Rs 2,995 crore as web additions in NPA at Rs 96 crore have been one of many lowest in recent times and down from Rs 3,604 crore in June 2021.
Complete additions to NPA additions stood at Rs 5,578 crore in September 2021 out of which about Rs 4600 crore have been from retail loans.
Batra mentioned the additions got here from giant retail merchandise like mortgages and business automobiles however restoration from these loans have additionally been strong which implies that there is no such thing as a trigger for fear.
“We did see some impression on NPAs from the retail aspect within the first quarter of this yr nevertheless it has been very broad primarily based primarily based on our giant retail mortgage exposures like mortgages and business automobiles,” he mentioned.
Recoveries and upgrades of NPAs, excluding write-offs and sale, elevated to Rs 5,482 crore in September 2021 from 3,627 crore in June 2021.
The financial institution wrote off Rs 1,717 crore of loans throughout the quarter. It additionally had restructured loans of Rs 9,684 crore or 1.3% of complete advances at September 30, 2021 up from Rs 4,864 crore (US$ 655 million) on the finish of June 2021.
Its web NPA ratio declined from 1.16% at June 30, 2021 to 0.99% at September 30, 2021 and was the bottom since December 31, 2014.
Apart from the Rs 1,950 crore provision on restructured loans ICICI additionally carries a Rs 6,425 crore provision for Covid associated exigencies. Batra mentioned the financial institution will consider the additional provision each quarter. ICICI had written again Rs 1050 crore of Covid provision on the finish of June 2021.
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