Mumbai, Jan 21 (The Street Press India) – ICICI Bank saw a strong 23.6% rise in net profits for the December quarter. This boost came from solid performance in its core income, along with a decrease in provisions.
The private sector bank revealed a standalone net profit of Rs 10,271.54 crore, marking an increase from Rs 8,311.85 crore in the corresponding period last year.
Analysts anticipated the bank’s net profit to be Rs 9,800 crore. Additionally, net interest income, calculated as interest earned minus interest paid, witnessed a 13.4% increase from the previous year, reaching Rs 18,678 crore compared to Rs 16,465 crore.
Non-interest income (excluding treasury) experienced a notable gain of nearly 20%, reaching Rs 5,975 crore, up from Rs 4,987 crore in the previous year.
ICICI Bank noted a treasury gain of Rs 123 crore in the quarter, a significant increase from Rs 36 crore reported in the same period last year.
The overall performance was further strengthened by a decrease in provisions to Rs 1,050 crore from Rs 2,257 crore in the third quarter of 2022-23. ICICI Bank specified that this reduction incorporated Rs 627 crore related to investments in alternate investment funds, aligning with the Reserve Bank of India’s circular in December 2023.
IDBI Bank net up 57%
IDBI Bank disclosed a noteworthy 57% growth in net profit, reaching Rs 1,458 crore for the third quarter ending on December 31. This positive result was attributed to reduced provisioning and improved interest income.
In the October-December quarter of 2022, the bank under LIC control achieved a net profit of Rs 927 crore.
The bank witnessed an enhancement in interest income during the third quarter of the current fiscal, rising to Rs 6,541 crore compared to Rs 5,231 crore in the corresponding period of the last fiscal year.