ICICI Bank reports 40% rise in standalone net profit to ₹9,648 crore
The Hindu
ICICI Bank reported 40% rise in Q1 FY24 net profit to ₹9,648 crore, driven by decline in bad loans and improvement in interest income. Total income rose to ₹38,763 crore and NII to ₹18,227 crore. Gross and net NPAs declined to 2.7% and 0.4% respectively.
Private lender ICICI Bank on July 22 reported a 40% rise in standalone net profit to ₹9,648 crore for the June 2023 quarter, helped by a decline in bad loans and an improvement in interest income.
The Mumbai-based private sector lender had posted a net profit of ₹6,905 crore on a standalone basis in the year-ago period.
Its total income in the first quarter of the current fiscal rose to ₹38,763 crore from ₹28,337 crore a year ago, ICICI Bank said in a regulatory filing.
Interest earned by the bank improved to ₹33,328 crore over ₹23,672 crore in June 2022.
The bank's net interest income (NII) increased by 38 per cent year-on-year to ₹18,227 crore in Q1 FY24 from ₹13,210 crore in the year-ago period.
At the same time, the net interest margin improved to 4.7% compared to 4.01% a year earlier.
The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.7% of gross advances at the end of the June quarter from 3.4% a year ago.
Let’s take a look at some of the biggest crypto events of the year.
Silver futures soar to ₹2.32 lakh/kg as global prices exceed $75, marking a record high in commodities trading.
Stock markets decline as Sensex and Nifty fall amid foreign fund outflows and low trading volumes on December 26, 2025.
Rupee drops 23 paise to 89.94 against the dollar amid negative equity trends and rising crude prices.
The commencement of commercial flight from the Navi Mumbai International Airport (NMIA) is expected to speed up infrastructure and real estate development across Navi Mumbai and surrounding regions, analysts & industry executives said.
GCCs keep India’s tech job market alive, even as IT services industry embarks on a hiring moratorium
Global Capability Centres, offshore subsidiaries set up by multinational corporations, mostly known by an acronym GCCs, are now the primary engine sustaining India’s tech job market, contrasting sharply with the hiring slowdown witnessed by large firms in the country.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
Indian stock markets closed lower amid volatility, with key firms lagging as global trends influenced trading activity.
Bharti and Warburg Pincus invest in Haier India, acquiring a 49% stake to enhance growth and innovation in consumer durables.
India's net FDI remains negative for October 2025, with outflows surpassing inflows amid trade deal uncertainties.