ICICI Bank has unveiled its financial results for the March 2024 quarter, demonstrating a remarkable 18.5 per cent surge in consolidated net profit, reaching Rs 11,672 crore. This notable growth represents a significant improvement from the net profit of Rs 9,853 crore reported in the corresponding period of the previous fiscal year.
On a standalone basis, the bank showcased a commendable 17.4 per cent rise in its Profit After Tax (PAT), totaling Rs 10,708 crore for the reporting quarter, compared to Rs 9,122 crore in the year-ago period.
The bank’s Net Interest Income (NII) witnessed a robust 8.1 per cent increase, amounting to Rs 19,093 crore. This growth can be attributed to a 16.8 per cent expansion in loans, coupled with a marginal compression in net interest margin to 4.40 per cent.
Additionally, the non-interest income, excluding the performance of the treasury, surged to Rs 5,930 crore, marking a substantial 15.7 per cent rise compared to the corresponding period of the previous fiscal year.
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Moreover, the provisions saw a significant reduction, more than halving to Rs 718 crore for the reporting quarter, as outlined in the exchange filing by the lender.
