Profit increases 6 times
ICICI Bank on Saturday reported a standalone net profit of ₹4,251 crore for the quarter ending 30 September, 2020. This is a six-fold jump when compared to the net profit of ₹655 crore reported in the year-ago period.
On consolidated basis, the bank's net profit was up over four-times at ₹4,882 crore in Q2 FY21 against ₹1,131 crore in Q2 FY20.
"The consolidated profit after tax in Q2-2020 had a one-time additional charge due to re-measurement of accumulated deferred tax assets at the revised marginal tax rate," the lender said in an official release.
Total deposits grew by 20% year-on-year to ₹8,32,936 crore at September 30, 2020 with 17% growth in average current and savings account (CASA) deposits. Term deposits grew by 26% year-on-year at September 30, 2020
Domestic loans grew by 10% year-on-year and 4% quarter-on-quarter at September 30, 2020. Retail loans grew by 13% year-on-year and 6% sequentially.
ICICI BANK Statement
"Post the easing of restrictions, there has been a substantial month-on-month increase in disbursements across retail products. Mortgage disbursements during Q2-2021 crossed pre-Covid levels and reached an all-time monthly high in September 2020. Auto loan disbursements have continued to increase from June 2020 and have reached pre-Covid levels in September 2020 reflecting the rise in passenger car sales. Disbursements across the rural portfolio have crossed pre-Covid levels in the months of August and September 2020. Credit card spends recovered to about 85% of pre-Covid levels in September 2020 led by increased spends in categories such as health & wellness, electronics and e-commerce," the lender said in a statement.
The bank had a network of 5,288 branches and 15,158 ATMs at September 30, 2020.
History
According to Wikipedia - ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI), an Indian financial institution, as a wholly owned subsidiary in 1994.
The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. The parent company was later merged with the bank.
ICICI Bank launched internet Banking operations in 1998.
It is the second largest private bank in India currently after HDFC bank.
Returns
