ICICI Bank’s IBN fourth-quarter fiscal 2021 (ended Mar 31) net income was INR44.03 billion ($602 million), up substantially from INR12.21 billion ($167 million) in the prior-year quarter.The company’s shares on the NYSE have rallied 3.5% in the pre-market trading. A full day’s trading session will provide a better picture.Results were driven by a rise in net interest income, non-interest income, and growth in loans and deposits. Further, provisions declined during the quarter. However, higher operating expenses posed a headwind.In fiscal 2021, net income of INR161.93 billion ($2.21 billion) jumped significantly from the prior year.Net Interest Income Up, Expenses RiseNet interest income rose 17% year over year to INR85.65 billion ($1.2 billion). Net interest margin was 3.84%, down 3 basis points (bps).Non-interest income (excluding treasury income) was INR41.37 billion ($566 million), up 3% from the prior-year quarter. Fee income increased 6% to INR38.15 billion ($522 million).Further, treasury loss was INR0.3 billion ($3 million) versus treasury profit of INR2.42 billion ($33) in the year-ago quarter. The loss in the reported quarter reflected the increase in yields on fixed income and government securities.Operating expenses totaled INR60.03 billion ($821.09 million), up 4% year over year.Loans & Deposits IncreaseAs of Mar 31, 2021, ICICI Bank’s total advances amounted to INR7,337.29 billion ($100.4 billion), up 14% year over year. Total deposits grew 21% to INR9,325.22 billion ($127.6 billion).Credit Quality: Mixed BagAs of Mar 31, 2021, net nonperforming assets (NPA) ratio was 1.14%, down 27 bps. Recoveries and upgrades (excluding recoveries from proforma NPAs, write-offs and sale) from non-performing loans were INR25.60 billion ($350 million) in the quarter.Further, gross NPA additions were INR55.23 billion ($755 billion).Provisions (excluding provision for tax) plunged 52% from the prior-year quarter to INR28.83 billion ($394 million). During the quarter, the company utilized contingency provision amounting to INR35.09 billion ($480 million) toward proforma NPAs as of Dec 31, 2020.Further, the company made Covid-19 related provisions of INR10 billion ($137 million) during the reported quarter. As of Mar 31, 2021, ICICI Bank held Covid-19-related provision of INR74.75 billion ($1 billion).Capital Ratios StrongIn compliance with the Reserve Bank of India's guidelines on Basel III norms, ICICI Bank's total capital adequacy was 19.12% and Tier-1 capital adequacy was 18.06% as of Mar 31, 2021. Both the ratios were well above the minimum requirements.Our TakeICICI Bank’s quarterly performance was decent. Growth in net interest income was a major tailwind, which is expected to support the company's financial performance going forward. However, elevated expenses are likely to adversely impact the bank’s bottom line. Also, coronavirus-induced market mayhem is a major headwind.ICICI Bank Limited Price, Consensus and EPS Surprise ICICI Bank Limited price-consensus-eps-surprise-chart | ICICI Bank Limited QuoteICICI Bank currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Earnings Dates of Other Foreign BanksUBS Group AG UBS and HSBC Holdings HSBC are scheduled to announce first-quarter 2021 results on Apr 27, while Barclays BCS will report on Apr 30.Zacks' Top Picks to Cash in on Artificial IntelligenceIn 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create ""the world's first trillionaires."" Zacks' urgent special report reveals 3 AI picks investors need to know about today. See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UBS Group AG (UBS): Free Stock Analysis Report ICICI Bank Limited (IBN): Free Stock Analysis Report Barclays PLC (BCS): Free Stock Analysis Report HSBC Holdings plc (HSBC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research