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HomeNewsICICI Bank Q3 results: Net profit surges to record high on strong...

ICICI Bank Q3 results: Net profit surges to record high on strong loan growth

Reuters | | Posted by Singh Rahul Sunilkumar

Jan 20, 2024 04:21 PM IST

ICICI Bank Q3 results: Strong loan growth boosts ICICI Bank’s Q3 profit to record high.

India’s ICICI Bank reported better-than-expected third-quarter profit on Saturday, helped by robust loan growth, although its net interest margin (NIM) shrank for the fourth straight quarter.

FILE PHOTO: A bird flies past the facade of the ICICI bank head office in Mumbai, India, April 21, 2023.(REUTERS)
FILE PHOTO: A bird flies past the facade of the ICICI bank head office in Mumbai, India, April 21, 2023.(REUTERS)

The country’s second-biggest private bank reported a record high standalone net profit of 102.72 billion rupees ($1.24 billion) for the quarter ended Dec. 31, compared to analysts’ expectation of 100.25 billion rupees as per LSEG data.

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ICICI’s NIM – the difference between interest obtained on loans and paid on deposits expressed as percentage – came in at 4.43%, compared to 4.65% last year and 4.53% last quarter.

Indian lenders have been reporting double-digit loan growth consistently over the past few months owing to higher demand, but rising deposit costs have squeezed their margins.

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Earlier this week, HDFC Bank, India’s biggest private lender, reported weak margins for a second consecutive quarter.

ICICI Bank’s total loans grew by 18.8% on-year, largely led by retail loans, while deposits grew 18.7%.

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Its net interest income – the difference between interest earned and paid – rose 13.4% to 186.78 billion rupees.

Asset quality improved, with gross non-performing assets ratio at 2.30% as of end-December versus 2.48% at the end of September.

Shares of ICICI Bank closed 1% higher ahead of the results.

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