ICICI Bank, one of India’s leading private sector lenders, reported robust financial results for the third quarter of the current fiscal year. Let’s take a closer look at the key highlights.

Consolidated Net Profit Surge

ICICI Bank’s consolidated net profit for the December quarter surged by an impressive 25.7%, reaching Rs 11,052.60 crore compared to Rs 8,792.42 crore in the corresponding period last year.

Standalone Net Profit Growth

The bank also recorded a notable 23.6% increase in standalone net profit for the quarter, totaling Rs 10,272 crore.

Core Net Interest Income Growth

ICICI Bank’s core net interest income witnessed a significant growth of 13.4%, reaching Rs 18,678 crore. This growth was supported by a domestic advances growth of 18.8%, despite a slight narrowing of net interest margin to 4.43%.

Rise in Other Income

During the reporting quarter, the bank’s other income saw a healthy increase of 19.8%, amounting to Rs 5,975 crore.

Decrease in Provisions

ICICI Bank’s provisions decreased to Rs 1,049.37 crore compared to Rs 2,257.44 crore in the year-ago period. This reduction in provisions contributed to the overall profit growth.

The strong performance of ICICI Bank in the third quarter reflects its resilience and ability to navigate through challenging economic conditions. With steady growth in key financial metrics and effective risk management, the bank remains well-positioned to capitalize on future opportunities and drive value for its stakeholders.