ICICI Bank Q3 Results: Net Profit Up 34%, Beats Estimates

Private lender ICICI Bank Ltd.'s third-quarter net profit rose on higher net interest income.

Net profit for the quarter ended December stood at Rs 8,312 crore, up 34% from Rs 6,194 crore a year ago, according to exchange filings. Analysts polled by Bloomberg had estimated a net profit of Rs 8,176.5 crore for the October-December quarter.

Net interest income, or the core income for the bank, rose 34.6% from a year earlier to Rs 16,465 crore. Other income rose 2% to Rs 4,987 crore.

Asset quality for the bank improved, with gross non-performing asset ratio rising 12 basis points sequentially to 3.07%. Net NPA ratio, too, improved to 0.55% from 0.61% as of Sept. 30, 2022.

Provisions during the quarter stood at Rs 2,257 crore, up 12.4% year-on-year.

The gross NPA additions stood at Rs 5,723 crore in the third quarter compared to Rs 4,366 crore in the second quarter. Bad loan additions, net of recoveries and upgrades, were Rs 1,119 crore compared with Rs 605 crore in the July-September quarter.

Recoveries and upgrades during the quarter stood at Rs 4,604 crore, up 22.4% quarter-on-quarter. The bank wrote off loans worth Rs 1,162 crore during the quarter.

Total advances for ICICI Bank rose 20% year-on-year to Rs 9.74 lakh crore. The retail loan portfolio grew 23.4% and comprised 54.3% of the total loan portfolio. The SME business, comprising borrowers with a turnover of less than Rs 250 crore, rose 25%. Domestic corporate loans rose 18%.

Total deposits increased 10.3% from a year ago to Rs 11.22 lakh crore. Term deposits increased 14.2% year-on-year to Rs 6.13 lakh crore, while current account-savings account deposits rose 10.4%.

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