ICICI Bank Reports Robust Profit Growth Amidst Strategic Adjustments

ICICI Bank reported a significant 15.7% increase in consolidated net profit for the January-March quarter of 2024-25. Net interest income grew by 11%, driven by a loan increase and margin expansion. Strategic measures are underway to adjust to RBI's rate cuts and expand market presence.

ICICI Bank has announced a 15.7% rise in its consolidated net profit for the fourth quarter of 2024-25, totaling Rs 13,502 crore. This growth is attributed to an 11% increase in core net interest income, driven by a 13.3% rise in loans and a small margin expansion.

The bank's executive director, Sandeep Batra, indicated that while the net interest margin may come under pressure due to the Reserve Bank of India's rate cuts, the bank is prepared to adjust its loan product mix to maintain margins. Furthermore, ICICI Bank plans to expand its branch network by adding 400 new branches in the coming year.

ICICI Bank has also reported improvements in its gross non-performing assets, which have decreased to 1.67%. The bank's subsidiaries, including its life and general insurance arms, have also shown considerable profit growth, with the life insurance arm achieving a 39.6% profit increase over the previous year.

(With inputs from agencies.)