The standalone profit of Mumbai-based ICICI bank increased to Rs 10,261 crore for the quarter, a significant increase from the Rs 7,557.84 crore reported in the same period the previous year.
- SUMMARY
- ICICI Bank’s standalone profit increased to Rs 10,261 crore in the third quarter.
- The bank saw year-on-year rise of 35.7 percent in standalone profit, which was backed by a considerable drop in bad loan provision.
On Saturday, ICICI Bank posted strong financial results for the second quarter of fiscal year 2023-24 (Q2). The bank’s year-on-year growth was outstanding, with a 35.7 percent gain in standalone profit and a 24 percent increase in net interest income. This outstanding result was accompanied by a considerable decrease in bad loan provisions.
According to its BSE filing, the Mumbai-based bank’s standalone profit increased to Rs 10,261 crore for the quarter, a significant increase from the Rs 7,557.84 crore reported in the same period the previous year. Furthermore, the net profit of Rs 10,261, indicating a 36 percent year-on-year growth, above analysts’ forecasts of Rs 9,422 crore in Q2, representing a 25 percent year-on-year growth.
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The bank announced that total income for the second quarter of the current fiscal year increased to Rs 40,697 crore, up from Rs 31,088 crore in the same period last year. The bank’s interest earnings increased significantly as well, rising to Rs 34,920 crore from Rs 26,033 crore in the previous quarter of September 2022.
Furthermore, the bank’s net interest income (NII) increased by 24% year on year, reaching Rs 18,308 crore for the quarter, up from Rs 14,787 crore in the same quarter last year. Simultaneously, the net interest margin grew to 4.53 percent, up from 4.31 percent in the same time last year.
Asset quality at ICICI Bank improved, with gross non-performing assets (NPAs) falling to 2.48 percent of gross loans at the end of the September quarter, down from 2.76 percent a year ago. Similarly, its net NPAs, or bad loans, fell to 0.43 percent from 0.61 percent the previous year.
However, the bank’s capital adequacy ratio fell to 16% from 16.93% at the end of September 2022. On a consolidated basis, the bank’s profit increased by 36% to Rs 10,896 crore in the quarter, up from Rs 8,007 crore the previous year.
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