ICICI Bank Results: ICICI Bank's October-December quarter results were released on Saturday. The net profit of private sector banks has increased by 23.5 percent to Rs 10272 crore in the third quarter of the current financial year. The net interest income (NII) of private sector banks has also increased by 13.4 percent to Rs 18678 crore. This figure was Rs 16465 crore in the same period a year ago.
Bank's NPA also decreased in the third quarter
The country's second largest private bank ICICI said that its profit for the quarter ending December 2023 was Rs 10272 crore. In the same period a year ago, this figure was Rs 8312 crore. Apart from this, the total NPA of the bank also came down to 2.30 percent in the third quarter. The bank's NPA in the September quarter was 2.48 percent. Also, net NPA also stood at 0.44 percent in the third quarter, which was 0.43 percent in the second quarter. In the third quarter a year ago, the bank's net NPA was at 0.55.
Performance was better than expected in December quarter
ICICI has performed better than expected in the third quarter. Experts had estimated that the bank would make a net profit of Rs 10025 crore in the December quarter. The bank has achieved tremendous loan growth in this quarter. However, the bank's net interest profit (NIM) has declined for the fourth consecutive quarter. The net interest profit of the bank has been 4.43 percent. It was 4.53 percent in the last quarter and 4.65 percent in the same quarter of the last financial year.
Boom in loans and deposits also
Indian Bank has been achieving double digit loan growth due to continuously increasing demand for the last few months. But due to the increasing cost of deposits, its profits have reduced. Total loans of ICICI Bank have increased by 18.8 percent on annual basis and deposits have also increased by 18.7 percent. The bank's net interest income has increased by 13.4 percent to Rs 186.78 billion. Besides, the asset quality of the bank has also improved. Before the declaration of the results, the shares of the bank closed 1 percent higher on Saturday. Earlier this week, the country's largest private bank HDFC had also declared its quarterly results. Its profit was weak for the second consecutive quarter.
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