ICICI Bank Q4 net profit rises 260% but still misses street estimates

Private sector lender ICICI Bank reported a net profit of ₹4,402.61 crore for the Jan-March quarter, that is a 260% year-on-year rise. Despite the big jump in profit the number has missed the street estimates that was around ₹4,800 cr. 

Bad loans at the bank or the gross non-performing assets (NPA) for the quarter stood at 4.96% vs 5.43% in the December quarter.

ICICI Bank also stated it had ₹7,475 crore worth Covid-19-related provisions as of March 31.