ICICI Bank Q3 profit rises 15% to Rs 11,792 cr on improved interest income

New Delhi, Jan 25 (PTI) ICICI Bank on Saturday reported a 15 per cent rise in standalone net profit to Rs 11,792 crore for the quarter ended in December, helped by growth in core income.

The second-largest private sector lender earned a net profit of Rs 10,272 crore in the same quarter a year ago.

Total income increased to Rs 48,368 crore from Rs 42,792 crore in the same period a year ago, ICICI Bank said in a regulatory filing.

Interest income increased to Rs 41,300 crore during the quarter under review compared to Rs 36,695 crore in the year-ago period.

Net interest income (NII) increased by 9.1 per cent year-on-year to Rs 20,371 crore from Rs 18,678 crore in Q3-2024, it said.

Core operating profit grew by 13.1 per cent to Rs 16,516 crore compared to Rs 14,601 crore in the third quarter of the previous fiscal.

On the asset quality front, the bank’s gross non-performing assets ratio improved to 1.96 per cent as against 2.3 per cent a year ago.

Similarly, net NPAs, or bad loans, came down to 0.42 per cent from 0.44 per cent at the end of the third quarter last fiscal year.

However, the overall provisions, excluding tax, increased to Rs 1,227 crore during the quarter from Rs 1,049 crore a year ago.

Provision coverage ratio on non-performing loans was 78.2 per cent as of December 31, 2024.

Capital Adequacy Ratio rose to 14.71 per cent from 14.61 per cent at the end of the third quarter of the previous financial year.

The bank typically witnesses higher NPA additions from the Kisan Credit Card portfolio in the first and third quarters of a fiscal year. Recoveries and upgrades of NPAs, excluding writeoffs and sale, were Rs 3,392 crore in the third quarter compared to Rs 3,292 crore in the first quarter and Rs 3,319 crore in the second quarter of 2024-25, it said.

The consolidated profit after tax rose by 16.6 per cent to Rs 12,883 crore as against Rs 11,053 crore in the third quarter of the previous fiscal.

Total income on consolidated basis rose to Rs 74,627 crore as compared to Rs 59,480 crore in the same quarter a year ago.

The bank will continue to make investments in the computing infrastructure and upgrade digital channels to further strengthen system resilience and simplify processes for enhancing customer experience, ICICI Bank executive director Sandeep Batra said.

The board of the bank approved re-appointment of Sandeep Batra as executive director up to December 22, 2027.

Besides, the bank has also cleared a proposal for the re-appointment of Rakesh Jha as the executive director for another two years to September 1, 2027.

These approvals are subject to clearance of Reserve Bank of India, shareholders, and such other approvals as may be required.