ICICI Bank’s net profit rises 18.5 percent to Rs 11,672 crore in March quarter

Mumbai . The net profit of private sector ICICI Bank has increased by 18.5 percent to Rs 11,672 crore in the fourth quarter of the last financial year (January-March, 2024). This increase in the bank’s profit was due to lower provisions. The net profit of the bank in the same quarter of financial year 2022-23 was Rs 9,853 crore. The company said in a filing to the stock exchange on Saturday that the bank’s net profit on standalone basis was Rs 10,708 crore in the March quarter with a growth of 17.4 per cent, compared to Rs 9,122 crore in the March 2023 quarter.

The company’s basic net interest income increased by 8.1 percent to Rs 19,093 crore. There was a 16.8 percent increase in loans and a decline in net interest margin from 4.90 percent to 4.40 percent. The bank’s net profit on standalone basis for the entire last financial year stood at Rs 40,888 crore, which was Rs 31,896 crore in FY 2022-23. The bank’s non-interest income rose 15.7 percent to Rs 5,930 crore. The bank’s provisions declined by more than half in the March quarter to Rs 718 crore.