ICICI Bank Q3 Results: Net profit jumps 24% to Rs 10,272 crore, asset quality improves

A poll of brokerages had pegged ICICI Bank’s net profit at Rs 9,946 crore.

Private sector lender ICICI Bank on January 20 reported a net profit of Rs 10,271.54 crore for the third quarter of the current financial year, clocking a 23.5 percent rise from Rs 8,312 crore in the year-ago period.

The net profit was in line with the market estimates of Rs 9,946 crore.

The bank's gross non-performing asset (NPA) stood at 2.30 percent, down from 3.07 percent in the same quarter of the previous year. Net NPA stood at 0.44 percent, improving from 0.55 percent in Q3FY23.

Bank's Net interest income (NII) increased by 34.6 percent year-on-year to Rs 16,465 crore in Q3-2023 from Rs 12,236 crore in Q3-2022. The net interest margin was 4.65 percent in Q3-2023 compared to 3.96 percent in Q3-2022 and 4.31 percent in the quarter ended September 30, 2022.

ICICI bank’s total capital adequacy ratio at December 31, 2023, was 16.70 percent and CET-1 ratio was 16.03 percent compared to the minimum regulatory requirements of 11.70 percent and 8.20 percent respectively.

The net additions to gross NPAs, excluding write-offs and sales, were Rs 363 crore in Q3-2024 compared to Rs 116 crore in Q2-2024. The gross NPA additions were Rs 5,714 crore in Q3-2024 compared to Rs 4,687 crore in Q2-2024.

Recoveries and upgrades of NPAs, excluding write-offs and sales, were Rs 5,351 crore in Q3-2024 compared to Rs 4,571 crore in Q2-2024. The bank has written off gross NPAs amounting to Rs 1,389 crore in Q3-2024. The provisioning coverage ratio on NPAs was 80.7 percent at December 31, 2023.