29 November 2022

Mumbai : India’s second-largest private lender ICICI Bank Ltd on Saturday reported a 37 % rise in its September quarter net profit as loan growth inched up and provisions for bad loans fell. Net profit rose to 75.58 billion rupees ( $ 915.80 million ), broadly in line with analysts ‘ estimate of 73.51 billion rupees, according to Refinitiv IBES data. Net interest income, the difference between interest earned and paid out, was 147.9 billion rupees, up 26 % from a year ago.

ICICI Bank's net profit
ICICI Bank’s net profit

Advances grew 23 % with the bank seeing robust demand across all segments including retail and commercial loans. Credit growth at Indian banks continues to rise at its fastest pace in several quarters, up 16.4 % year-on-year by Sept. 23, according to central bank data, even as the Reserve Bank of India hiked the repo rate by 190 bps this financial year.

Net interest margin, a key indicator of a bank’s profitability was at 4.31 %.

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