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ICICI Bank Net Profit Rises 34% To Rs 8,312 Crore In Q3
The bank's net interest income increased 34.6 per cent to Rs 16,465 crore in the December quarter, up from Rs 12,236 crore the previous year
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ICICI Bank reported a net profit of Rs 8,312 crore for the December quarter (Q3FY23), up 34.2 per cent year on year, thanks to a healthy 21.4 per cent increase in the domestic loan book and a stable net interest margin.
The bank's net interest income increased 34.6 per cent to Rs 16,465 crore in the December quarter, up from Rs 12,236 crore the previous year.
The net profit of the private sector lender far exceeded analysts' expectations. A poll of seven brokerages predicted the lender's net profit for the quarter to be Rs 7,994 crores, a 29 per cent increase. For the three months that ended December, net interest income (NII) was expected to have increased by 28 per cent year on year (YoY) to Rs 15,639 crore.
The core operating profit (profit before provisions and tax, excluding treasury income) increased by 31.6 per cent year-on-year to Rs 13,235 crore in Q3- 2023 from Rs 10,060 crore in the quarter ended 31 December 2021 (Q3-2022).