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regular-article-logo Sunday, 14 April 2024

ICICI Bank's net profit in December quarter jumps 23.6 per cent to Rs 10,272 crore

Net interest income (interest earned minus interest paid) rose 13.4 per cent over the previous corresponding period to Rs 18,678 crore from Rs 16,465 crore

Our Special Correspondent Mumbai Published 21.01.24, 09:31 AM
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ICICI Bank’s net profits in the December quarter increased 23.6 per cent following a decent performance on its core income front even as provisions declined.

The private sector lender reported a standalone net profit of Rs 10,271.54 crore against Rs 8,311.85 crore in the same period a year ago.

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Analysts had expected the bank to report a net profit of Rs 9,800 crore.

Net interest income (interest earned minus interest paid) rose 13.4 per cent over the previous corresponding period to Rs 18,678 crore from Rs 16,465 crore.

Non-interest income (ex treasury) gained almost 20 per cent to Rs 5,975 crore from Rs 4,987 crore a year ago.

ICICI Bank added that there was a treasury gain of Rs 123 crore during the quarter compared with Rs 36 crore last year.

The bottomline was also boosted by provisions which declined to Rs 1,050 crore from Rs 2,257 crore in the third quarter of-2022-23. ICICI Bank added that this included Rs 627 crore on investments in alternate investment funds in line with the Reserve Bank of India circular in December 2023.

IDBI Bank net up 57%

IDBI Bank on Saturday reported a 57 per cent growth in net profit at Rs 1,458 crore in the third quarter ended December 31 on lower provisioning and better interest income.

The LIC-controlled bank had a net profit of Rs 927 crore in the October-December quarter of 2022.

The bank’s interest income improved during the third quarter of the current fiscal to Rs 6,541 crore from Rs 5,231 crore in the same period last fiscal.

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