A strong rise in net interest income helped ICICI Bank, a private sector bank, increase its profit by 34% for the quarter ending in December 2022, to Rs.8,312 crore.
In the same quarter last year, the bank earned a net profit of Rs.6,194 crore.
According to a regulatory statement, the bank’s overall income jumped to Rs.33,529 crore in the most recent December quarter from Rs.27,069 crore the previous year.
Net interest income (NII) climbed by 34.6 percent to Rs.16,465 crore in the third quarter of last year from Rs.12,236 crore.
Net interest margin (NIM) increased to 4.65 percent from 3.96 percent in the same quarter last year.
On the asset quality front, the bank saw an improvement, with gross NPAs (non-performing assets) falling to 3.07 percent from 4.13 percent at the end of the previous fiscal year’s third quarter.
Net NPAs fell to 0.55 percent from 0.84 percent in the same period last year.
The bank’s consolidated profit grew by 34.5 percent to 8,792 crore in the third quarter of FY22, from Rs.6,536 crore.