ICICI Bank's Q3 results: Net profit climbs to Rs. 10,272cr
What's the story
ICICI Bank, a leading private sector lender, has announced a net profit of Rs. 10,271.54 crore for Q3 of the current fiscal year. This reflects a 23.5% growth from Rs. 8,312 crore during the same period last year. This profit aligns with market expectations of Rs. 9,946 crore. The bank's gross non-performing asset (NPA) ratio improved to 2.30%, a decrease from 3.07% in the corresponding quarter of the previous year.
Details
Improved NPA ratios and increased net interest income
The bank's net NPA ratio also showed improvement, registering at 0.44% compared to 0.55% in Q3 FY23. ICICI Bank's net interest income (NII) rose by 34.6% year-on-year, reaching Rs. 16,465 crore in Q3-2023 from Rs. 12,236 crore in Q3-2022. The net interest margin stood at 4.65% in Q3-2023, up from 3.96% in Q3-2022 and 4.31% in the quarter ending September 30, 2022.
What Next?
Capital adequacy and provisioning coverage ratios
As of December 31, 2023, ICICI Bank's total capital adequacy ratio was 16.70%, and its CET-1 ratio was 16.03%. Both surpassed the minimum regulatory requirements of 11.70% and 8.20%, respectively. The net additions to gross NPAs, barring write-offs and sales, amounted to Rs. 363 crore in Q3 FY24 compared to Rs. 116 crore in Q2 FY24. The provisioning coverage ratio on NPAs was 80.7% at the end of December 31, last year.
Stock
A look at the stock prices
ICICI Bank opened at Rs. 992.50 per share on the Bombay Stock Exchange (BSE) today. It ended trade at Rs. 1,008.30 apiece, up 2.2% compared to yesterday. Its market cap stands at Rs. 7.08 lakh crore. On the National Stock Exchange (NSE), it wrapped up trade today at Rs. 1,011.5 per share (up by 2.55%).