ICICI Bank profit rises 21%; meets Q4 forecasts
ICICI bank posted a net profit of `2,304 cr for the Jan-Mar quarter, compared with `1,902 cr a year earlier
Mumbai: ICICI Bank Ltd’s standalone net profit rose 21% in the fourth quarter, in line with expectations, thanks to an increase in net interest income.
Profit rose to ₹ 2,304 crore, or ₹ 19.87 per share, in the January-March period from ₹ 1,902 crore, or ₹ 16.46 per share, in the year earlier. Profit was in line with a Bloomberg estimate of ₹ 2,301 crore.
Net interest income (NII), the difference between interest earned from loans and that paid for deposits, swelled by 22% to ₹ 3,803 crore from ₹ 3,105 crore. Other income slipped to ₹ 2,208 crore from ₹ 2,228 crore.
Advances rose 18%, slightly higher than the 16% increase in advances for the banking system.
ICICI Bank was down 2.87% at 3.10pm on the BSE, while the benchmark Sensex was down 0.73% and the Bankex declined 1.53%.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!