India ICICI Bank’s profit jumps 34% in October-December – Reuters

MUMBAI, Jan 21(Reuters) – India’s ICICI Financial institution (ICBK.NS) on Saturday reported a 34.2% enhance in internet revenue for the October-December quarter, on the again of enhanced incomes and healthful mortgage progress.

Net revenue for the quarter was 83.12 billion Indian rupees ($1.03 billion) up from 61.94 billion rupees Inside the identical quarter a yr earlier. That was Based mostly on analysts’ forecast of 81.25 billion rupees, in accordance to Refinitiv IBES knowledge.

Net curiosity income, the distinction between curiosity earned and paid, rose 34.6% to 164.65 billion rupees from 122.36 billion rupees final yr.

The internet curiosity margin, key indicator of a bank’s revenueability, stood at 4.65% for the quarter, up from 3.96% Inside the identical quarter of the earlier monetary yr. The administration expects NIMs to peak within a timeframe Of 1 quarter.

The private lender’s home mortgage portfolio grew by 21.4% yr-on-yr in the fiscal third quarter. Retail mortgage portfolio grew by 23.4% yr-on-yr whereas agency mortgages grew 18.2% on an annual basis.

Deposits grew 10.3% yr-on-yr, aided by greater time deposits.

Credit rating offtake in India has picked up in current months As a Outcome of of sustained demand for mortgages. This has led banks to scramble for deposits. Last week, India’s largest private sector lender HDFC Financial institution reported a shut to-20% leap in deposits yr-on-yr in the fiscal third quarter.

Meanwhereas, ICICI Financial institution’s asset extreme quality enhanced, with its gross non-performing belongings (NPA) ratio at 3.07% as in contrast with 3.19% in the earlier three months. Net NPA ratio was at 0.55% from 0.65% in the prior quarter.

However, provisions and contingencies enhanced to 22.57 billion rupees from 16.44 billion rupees in the September quarter.

The bank said that The rise in provisioning is a prudent step to strengthen the stability sheet And by no means because They’re witnessing any stress in the stability sheet but.

“We’re assured of The regular of e-book created, (The further provisioning) is being carried out on a prudent method. That is maintaining in thoughts The general macro environment collectively with inflation, rising Costs of curiosity and geopolitical state of affairs,” said Sandeep Batra, Authorities Director, ICICI Financial institution in a submit incomes name.

($1 = 80.9790 Indian rupees)

Reporting by Siddhi Nayak and Nupur Anand
Modifying by Frances Kerry

Our Requirements: The Thomson Reuters Notion Guidelines.


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