Mumbai: Private sector lender ICICI bank Ltd on Saturday reported a 158% year on year jump in net profit owing to one-time gain from Essar Steel resolution, which led to lower provisions.

The bank’s standalone net profit at the end of 31 December, 2019 stood at ₹4,146 crore as compared to ₹1,605 crore during the same period a year ago. The bank saw bad loan recoveries and upgrades worth ₹4,088 crore during the third quarter. Provisions declined 51% to ₹2,083 crore during the quarter as against ₹4,244 crore during the same period last year.

Overall asset quality saw an improvement this quarter. Gross non-performing assets as a percentage of total assets stood at 5.95% at the end of December quarter as compared to 7.75% during the same period last year and 6.37% in the second quarter of fiscal year 2019-20. Fresh addition to non-performing assets stood at ₹4,363 crore at the end of December 2019 as against ₹2,482 crore in the previous quarter.

Operationally, the bank’s performance improved with net interest income (NII) for the quarter seeing an increase of 24% year on year to ₹8,545 crore as compared with ₹6,875 crore in the year-ago quarter. Loan book grew by 16% with retail loan book, which is a 19% year-on-year growth.

Fee income rose 17%, on an annual basis, to ₹3,596 crore with retail fees constituting 77% of total fees, the bank said. Treasury income rose 11% ₹531 crore from ₹479 crore.

On Friday, the bank's stock on BSE closed 1.47% higher at ₹535.45.

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