ICICI Bank's Q3 Net Profit Surges 15% to ₹11,792 Crore Amid Robust Loan Growth

ICICI Bank, India's second-largest private lender by assets, has reported a 14.8% year-on-year increase in net profit for the October-December quarter, reaching ₹11,792 crore ($1.37 billion). This impressive performance is primarily driven by a 13.9% rise in total loans and a 9.1% increase in net interest income, which stood at ₹20,371 crore. Despite a slight decline in net interest margin to 4.25% from 4.43% a year earlier, the bank's asset quality remained stable, with the gross non-performing assets ratio at 1.96%. Provisions for potential bad loans rose by nearly 17% to ₹1,227 crore, reflecting sector-wide challenges in unsecured, agriculture, and microfinance loans. Deposits also saw a 14.1% growth during this period.
Source: Reuters, Moneycontrol