April 27th 2024.
In the latest news, ICICI Bank has announced a significant increase in its net profit for the March 2024 quarter. The private sector lender reported a consolidated net profit of Rs 11,672 crore, a growth of 18.5% compared to the same period last year, where it had recorded a net profit of Rs 9,853 crore.
On a standalone basis, the bank's performance was equally impressive, with a profit after tax of Rs 10,708 crore, showcasing a growth of 17.4% from the previous year's Rs 9,122 crore. This remarkable result was driven by an 8.1% increase in core net interest income, which reached Rs 19,093 crore. This growth was supported by a 16.8% increase in loans and a slight decrease in net interest margin to 4.40%.
The bank's non-interest income, excluding the performance of the treasury, also showed a substantial increase at Rs 5,930 crore, a 15.7% growth from the same period last year. Moreover, the lender recorded a significant decrease in provisions, which more than halved to Rs 718 crore for the reporting quarter, according to the exchange filing.
These results have once again solidified ICICI Bank's position as the second-largest private sector lender in the country. With its strong financial performance and strategic decisions, the bank continues to make a mark in the banking sector, setting an example for others to follow. As the financial year progresses, we can only expect to see more growth and success from this leading private sector bank.
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