ICICI Bank Reports Robust 15% Rise in Q3 Profits

ICICI Bank announced a 15% increase in standalone net profit for Q3, reaching Rs 11,792 crore. The bank's income and interest income rose significantly, and asset quality improved with lower gross and net NPAs. The provisions excluding tax saw a surge, alongside a slight enhancement in the capital adequacy ratio.

ICICI Bank has reported a robust 15% increase in its standalone net profit for the third quarter, reaching an impressive Rs 11,792 crore. This stands in contrast to the Rs 10,272 crore achieved in the same period the previous year, marking significant growth for the financial institution.

The bank's total income saw a notable rise to Rs 48,368 crore, compared to Rs 42,792 crore a year ago. Interest income also surged to Rs 41,300 crore from Rs 36,695 crore over the same timeline. These figures indicate a strong financial performance for the bank in this quarter.

Improvement in asset quality was evident, as the gross non-performing assets ratio dropped to 1.96% from 2.3%, and net NPAs slightly decreased to 0.42%. The provision coverage for non-performing loans remained substantial at 78.2%. Despite the rise in overall provisions excluding tax, the capital adequacy ratio edged up to 14.71%.

(With inputs from agencies.)