NEW DELHI: Private sector lender ICICI Bank on Saturday announced 34% increase in its standalone profit at Rs 8,312 crore for the quarter ending December 2022, supported by strong growth in net interest income.
Net interest income rose 34.6% to Rs 16,465 crore for Q3FY23 from Rs 12,236 crore in same quarter in previous year. Net interest margin (NIM) improved to 4.65% as against 3.96% in the same period a year ago. The lender saw improvement in asset quality as its gross NPAs (non-performing assets) fell to 3.07% against 4.13% at the end of Q3FY22. Net NPAs eased to 0.55% as against 0.84% in the same period a year ago.
“Total advances rose 19.7% year-on-year (YoY) and 3.8% sequentially to Rs 974,047 crore on December 31, 2022, while deposits rose 10.3% from a year ago to 11,22,049 crore,” said Sandeep Batra, executive director, ICICI Bank while talking to media persons after announcing results.
“The bank opened 300 branches in 9 months of 2023 and had a network of 5,718 branches and 13,186 ATMs on December 31, 2022,” he said.
Retail loan portfolio grew 23.4% YoY and 4.5% sequentially and comprised 54.3% of the total loan portfolio on December 31, 2022.