ICICI Bank Q3 Profit Jumps 25.7% to Rs 11,053 cr
Jan 20, 2024 16:10
ICICI Bank's net profit for the December quarter surged 25.7% to Rs 11,053 crore, driven by strong loan growth and lower provisions.
Photograph: Francis Mascarenhas/Reuters
Mumbai, Jan 20 (PTI) ICICI Bank on Saturday said its consolidated net profit for the December quarter jumped 25.7 per cent to Rs 11,052.60 crore, up from Rs 8,792.42 crore.
The second largest private sector lender posted a 23.6 per cent rise in standalone net profit for the third quarter of the current fiscal to Rs 10,272 crore.
The bank's core net interest income was up 13.4 per cent to Rs 18,678 crore, on the back of net interest margin narrowing to 4.43 per cent and the domestic advances growth coming at 18.8 per cent.
The bank's other income grew 19.8 per cent to Rs 5,975 crore during the reporting quarter.
Its provisions came down to Rs 1,049.37 crore from the Rs 2,257.44 crore in the year-ago period, helping the profit growth.
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