22 C
Mumbai
Friday, January 27, 2023

ICICI bank net profit increased 34% to Rs 8,312 cr

Private sector lender ICICI Bank on Saturday reported a 34.2 per cent increase in its standalone profit after tax (PAT) to Rs 8,312 crore in the quarter ending December 2022 compared with Rs 6,194 crore in the quarter of the previous year.

Net Interest Income (NII) increased by 34.6% to Rs 16,465 crore from Rs 12,236 crore in the third quarter of fiscal 2022.

The net interest margin (NIM) improved to 4.65 percent in the reporting quarter from 3.96 percent in the same period a year earlier.

The gross non-performing assets (NPA) ratio decreased to 3.07 percent from 4.13 percent in the same period of the previous fiscal year. Net NPAs stood at 0.55% vs. 0.85% as of December 31, 2021.

There were net additions of Rs 1,119 crore to gross NPA in Q3 FY23. NPA recoveries and updates excluding write-offs and sales stood at Rs 4,604 crore in Q3 FY2023 NPA’s gross write-off was Rs 1,162 crore.

The NPA’s provision coverage ratio was 82% as of December 31, 2022. Its total capital adequacy ratio was 18.33% and its Tier 1 capital adequacy ratio was 17.58%.

Total advances increased 19.7% to Rs 9,74,047 crore and deposits increased 10.3% yoy to Rs 11,22,049 crore as of December 31, 2022.

In the third quarter of the fiscal year, retail overdrafts expanded by 23.4%, commercial banking by 37.9% and wholesale by 18.2%.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles