On Saturday, ICICI Bank, India's second-largest private-sector lender, reported a 37% increase in quarterly net profit as loan growth increased and provisions for bad loans decreased.
According to Refinitiv IBES data, net profit for the three months ending September 30 increased to 75.58 billion rupees ($916 million), broadly in line with analysts' estimates of 73.51 billion rupees.
Net interest income, which is the difference between interest earned and interest paid out, was 147.9 billion rupees, a 26% increase over the previous year, the bank said in a statement.
Advances increased by 23%, as the bank saw strong demand across all segments, including retail and commercial loans.
Loans increased across all segments, including large corporate, though the bank stated that it was focusing on higher-rated corporate borrowers.
According to central bank data, credit growth at Indian banks was 16.4% year on year as of Sept. 23, despite the Reserve Bank of India raising the repo rate by 190 basis points this fiscal year.
Deposits at ICICI Bank increased at a slower rate of 12%. According to executive director Sandeep Batra, the lender has adequate liquidity and does not see deposit growth as a constraint on the bank's overall growth.
The net interest margin, which is an important indicator of a bank's profitability, was 4.31%.
Gross non-performing assets fell to 3.19% in the third quarter, down from 3.41% in the previous quarter. Net non-performing assets decreased from 0.70% to 0.61%.
The bank's board of directors has approved the reappointment of CEO Sandeep Bakhshi for another three years, beginning in October 2023, according to a statement. The appointment is subject to the Reserve Bank of India's approval.
(Source:www.latestly.com)
According to Refinitiv IBES data, net profit for the three months ending September 30 increased to 75.58 billion rupees ($916 million), broadly in line with analysts' estimates of 73.51 billion rupees.
Net interest income, which is the difference between interest earned and interest paid out, was 147.9 billion rupees, a 26% increase over the previous year, the bank said in a statement.
Advances increased by 23%, as the bank saw strong demand across all segments, including retail and commercial loans.
Loans increased across all segments, including large corporate, though the bank stated that it was focusing on higher-rated corporate borrowers.
According to central bank data, credit growth at Indian banks was 16.4% year on year as of Sept. 23, despite the Reserve Bank of India raising the repo rate by 190 basis points this fiscal year.
Deposits at ICICI Bank increased at a slower rate of 12%. According to executive director Sandeep Batra, the lender has adequate liquidity and does not see deposit growth as a constraint on the bank's overall growth.
The net interest margin, which is an important indicator of a bank's profitability, was 4.31%.
Gross non-performing assets fell to 3.19% in the third quarter, down from 3.41% in the previous quarter. Net non-performing assets decreased from 0.70% to 0.61%.
The bank's board of directors has approved the reappointment of CEO Sandeep Bakhshi for another three years, beginning in October 2023, according to a statement. The appointment is subject to the Reserve Bank of India's approval.
(Source:www.latestly.com)
