ICICI Bank Q3 profit beats street estimate

The net profit of ICICI Bank, which is a private lender, rose 23.6% year-on-year to ₹10,272 crore in the December quarter. This was higher than the street estimate of ₹9,946 crore. The growth in the profits was supported by a 13.4% year-on-year rise in the net interest income to ₹18,678 crore.

Meanwhile, the net interest margin (NIM), the key measure of a bank’s profitability, declined to 4.43% in Q3FY24 from 4.65% in Q3FY23.

In Q3FY24, the net domestic advances rose 18.8% year-on-year and 3.8% sequentially. The retail loan portfolio also expanded 21.4% year-on-year and 4.5% sequentially. The retail loan book now accounts for 54.3% of the total loan portfolio as of 31 December 2023.

The asset quality remained stable. The gross non-performing assets (NPAs) ratio declined to 2.30% in the December quarter from 2.48% in the same period last year. The Provisioning coverage ratio (PCR) on non-performing assets was 80.7% at December 31, 2023.

On the liability side, the average current account and savings account (CASA) ratio was 39.4% in Q3FY24.