Largest private sector lender the Chanda Kochhar-led ICICI Bank today reported a 30 per cent jump in standalone net profit at Rs 2,250 crore in the December quarter against Rs 1,728 crore a year ago.
The consolidated net rose 22 per cent year-on-year to Rs 2,645 crore from Rs 2,174 crore, the bank said in an exchange filing to the BSE.
The reporting quarter saw the city-based lender improving its net interest margin by 37 basis points to 3.07 per cent.
Advances rose 16 per cent to Rs 2,86,766 crore, led by a 17 per cent spike in retail advances to Rs 96,528 crore. Net interest income rose 29 per cent to Rs 3,499 crore from Rs 2,712 crore.
The net non-performing asset ratio improved to 0.64 per cent from 0.70 per cent a year ago. Sequentially too, it improved a bit from 0.66 per cent.
Capital adequacy ratio stood at 19.53 per cent with the tier-1 capital adequacy being at 13.25 per cent.
ICICI Bank Q3 net profit jumps 30.2%, beats forecast
(Reuters): India's No. 2 lender ICICI Bank Ltd posted a forecast-beating 30.2 percent rise in third quarter net profit, led by strong loan growth and fee-based income, it said on Friday.
The bank posted a net profit of 22.5 billion rupees ($421.39 million) in October-December, compared with 17.28 billion rupees a year earlier.
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Net interest income, or the difference between income earned and interest expended, rose 29 percent to nearly 35 billion rupees.
Analysts, on average, had estimated net profit of 20.8 billion rupees.
Net non-performing loans at the bank stood at 0.76 percent of its total assets compared with 0.83 percent a year earlier.
Net interest margin, a key gauge of profitability for banks, improved by 37 basis points to 3.07 percent in the December quarter compared with a year earlier.
Source: http://www.indianexpress.com/news/icici-bank-standalone-net-profit-jumps-30--to-rs-2250-crore/1067289/0
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