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ONGC records 7-fold jump in Q3 profit results

Similarly, gross revenues rose 67.3 per cent to Rs 28,474 crore against Rs 17,024 crore in Q3FY21…reports Asian Lite News

Diversified energy major ONGC on Saturday reported a rise of 596.7 per cent in its standalone net profit for the quarter ended December 31, 2021.

Accordingly, the standalone Q3 net profit rose to Rs 8,764 crore against Rs 1,258 crore reported during the corresponding period of previous fiscal.

Similarly, gross revenues rose 67.3 per cent to Rs 28,474 crore against Rs 17,024 crore in Q3FY21.

On a consolidated basis, the company reported a rise of 220 per cent in its Q3FY22 net profit to Rs 11,637 crore from Rs 3,637 crore on a YoY basis.

The company reported that its consolidated net profit attributable to owners was up 334.2 per cent to Rs 10,932 crore from Rs 2,518 crore reported for the corresponding period of the previous year.

According to the company, its Board has approved second interim dividend of 35 per cent i.e. Rs 1.75 on each equity share of Rs 5.

“The total payout on this account will be Rs 2,201.55 crore. The Record date for distribution of dividend has been fixed for 22nd February, 2022 which has been intimated to the stock exchanges,” the company said in a statement.

“This is in addition to first interim dividend of Rs 5.50 per share(110 per cent) declared earlier in Nov 2021.”

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ICICI Bank’s Q4 profit jumps to Rs 4,403cr

The company’s standalone profit after tax rose to Rs 4,403 crore during the quarter under review from Rs 1,221 crore reported for the period ended March 31, 2021….reports Asian Lite News

Private lender ICICI Bank on Saturday reported an exponential rise in its standalone net profit for the quarter ended March 31, 2021 on a year-on-year basis.

Accordingly, the company’s standalone profit after tax rose to Rs 4,403 crore during the quarter under review from Rs 1,221 crore reported for the period ended March 31, 2021.

In terms of FY21, the standalone profit after tax grew by 104 per cent year-on-year to Rs 16,193 crore in FY2021 from Rs 7,931 crore in FY2020.

“Net interest income (NII) increased by 17 per cent year-on-year to Rs 10,431 crore in Q4-2021 from Rs 8,927 crore in Q4-2020.”

“The net interest margin was 3.84 per cent in Q4-2021 compared to 3.67 per cent in the quarter ended December 31, 2020 (Q3-2021) and 3.87 per cent in Q4-2020.”

As per the bank, provisions (excluding provision for tax) were Rs 2,883 crore in Q4-2021 compared to Rs 5,967 crore in Q4- 2020.

During Q4-2021, the bank utilised contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as these loans have now been classified as per the RBI guidelines.

“Further, the bank made additional Covid-19 related provisions of Rs 1,000 crore during Q4-2021.”

“At March 31, 2021, the Bank held Covid-19 related provision of Rs 7,475 crore.”

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According to the bank, the net NPA ratio declined to 1.14 per cent at March 31, 2021 from 1.26 per cent (on a proforma basis at December 31, 2020) and 1.41 per cent at March 31, 2020.

On a consolidated basis, the bank’s profit after tax was Rs 4,886 crore in Q4- 2021 compared to Rs 5,498 crore in Q3-2021 and Rs 1,251 crore in Q4-2020.

Meanwhile, ICICI Bank announced that it will provide Covid-19 vaccination for its employees and their immediate family members free of cost.

According to the bank, this initiative is aimed at safeguarding the lives of its employees and their dependent family members from the Covid-19 pandemic.

“It is also a humble gesture to appreciate the dedication, perseverance and passion portrayed by the employees of the bank to ensure seamless services to millions of customers during the pandemic,” the bank said in a statement.

Accordingly, the bank will reimburse the cost of the two mandated vaccine shots for its employees and their dependent family members.

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