ICICI Bank Q3 net jumps 34% to ₹8,312 crore, buoyed by growth in loans, net interest income
The Hindu
Lender’s overall loan portfolio grew by 19.7% with retail loans expanding by 23.4%; gross NPA ratio declined to 3.07% as on December 31, from 3.19% at September 30
ICICI Bank reported third-quarter standalone net profit grew 34.2% year-on-year to ₹8,312 crore backed by a rise in net Interest Income (NII) and growth in its loan portfolio.
The bank’s core operating profit (profit before provisions and tax, excluding treasury income) increased 31.6% to ₹13,235 crore. NII rose 34.6% to ₹16,465 crore. The net interest margin widened to 4.65%, from 3.96% in the year-earlier period.
Overall loan portfolio grew by 19.7% year-on-year, with the domestic loan portfolio expanding by 21.4%.
Provisions (excluding provision for tax) rose 12.5% to ₹2,257 crore. “During the quarter, the bank has changed its provisioning norms on non-performing assets to make them more conservative,” Executive Director Sandeep Batra said on a conference call . “This change resulted in higher provisions amounting to ₹1,196 crore in Q3-2023,” he added.
“Provisions for Q3-2023 also include contingency provision of ₹1,500 crore made on a prudent basis,” he noted.
The retail loan portfolio grew by 23.4% and comprised 54.3% of the total loan portfolio at December 31, 2022.
Total advances increased by 19.7% year-on-year and 3.8% sequentially to ₹9,74,047 crore.
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