ICICI Bank Logs 18.5% Surge in Q4 Net Profit to Rs 11,672 Crore

ICICI Bank's consolidated net profit surged 18.5% to Rs 11,672 crore in Q4 FY23. Core net interest income jumped 8.1% driven by loan growth. Standalone profit after tax rose 17.4% to Rs 10,708 crore. Non-interest income excluding treasury performance increased 15.7%. Provisions significantly reduced by over 50% to Rs 718 crore.

Private sector lender ICICI Bank on Saturday said its March 2024 quarter consolidated net grew 18.5 per cent to Rs 11,672 crore.

It had reported a net profit of Rs 9,853 crore in the year-ago period.

On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period.

The core net interest income increased 8.1 per cent to Rs 19,093 crore on a 16.8 per cent growth in loans and a marginal compression in net interest margin to 4.40 per cent.

The non-interest income, excluding the performance of the treasury, came at Rs 5,930 crore, 15.7 per cent higher than the year-ago period.

The provisions more than halved to Rs 718 crore for the reporting quarter, as per the exchange filing by the lender.