ICICI Bank experienced a positive quarter, achieving a standalone net profit of Rs 10,271.54 crore, reflecting a 23.57% YoY increase. This aligns with anticipated growth. Provisions for the quarter stood at Rs 1,049.37 crore, surpassing the previous quarter but falling short of the previous year. Net interest income demonstrated a 13.4% YoY rise to Rs 18,678 crore, meeting projected figures. Non-interest income also witnessed a 19.8% YoY upswing.
Credit expansion was robust, with a domestic advances surge of 18.8%. Retail loans, business banking, SMEs, and rural portfolios all exhibited favorable growth. Deposits registered an 18.7% YoY increase. The gross NPA ratio improved to 2.30% by December 31, 2023, compared to 2.48% by September 30, 2023.
The bank’s asset quality remained robust, evident in the declining gross NPA ratio. The net NPA ratio was 0.44% by December 31, 2023. Recoveries and upgrades of NPAs amounted to Rs 5,351 crore in Q3-2024. The bank retained contingency provisions totaling Rs 13,100 crore.
ICICI Bank’s capital adequacy ratios exceeded regulatory requirements, with a total capital adequacy ratio of 16.70% and CET-1 ratio of 16.03% by December 31, 2023.
ICICI Bank delivered a lucrative quarter marked by loan and deposit growth, coupled with enhancements in asset quality. The bank maintains a robust capital position and provisions for unforeseen circumstances.