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.
Also Read | Axis Bank registers ₹7,130 crore net profit in Q4 of FY24
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.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
