ICICI Bank beats street expectations

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⭐  ICICI Bank beats street expectations 

In the December quarter, the private bank’s net profit rose 34.2% YoY to ₹8,312 crore. This was higher than the street estimate of ₹8,176 crore. The sharp growth in the profit was supported by a 34.6% YoY rise in the net interest income to ₹16,465 crore. 

⭐ SBI Life’s Q3 profit falls 

The life insurance company’s net profit declined by 16% to ₹304 crore in Q3FY23. This was lower than the street estimate of ₹447 crore. Meanwhile, the net premium income rose by 6.3% to ₹19,170 crore. 

⭐ IDFC First Bank’s profit surges 

The lender’s net profit rose 115% YoY to ₹605 crore in the December quarter. The robust growth in the profit was aided by a rise in net interest income as well as fee and other income. Meanwhile, the gross non-performing assets or bad loans declined to 2.9% of the loan book from 3.9% in the same period last year. 

Global markets (at 9:00 AM today)

Fact of the day

The national emblem on the top of the new Indian parliament building is made up of bronze with a total weight of 9,500 kg.  

Source: HT