Beating the market estimates, ICICI Bank registered a 34.2% year-on-year (YOY) rise in its standalone profits after tax to the tune of ₹8312 crores in the third quarter ending December 2022. The Net Interest Income (NII) of the second largest Indian private sector lender jumped by 34.6% YOY to the amount of ₹16,465 crores in the third quarter.
ICICI Bank’s Net Interest Margin (NIM) was earlier reported at 3.96% in the third quarter of the year 2021, and 4.31% in the second quarter of this year rising steadily to 4.65% in the third quarter in December 2022, respectively.
There were several contributing factors to this impressive rise in the Bank’s profits. ICICI Bank’s domestic loan book expanded at a healthy 21.4 percent, steered by the sizeable increase in the number of loans provided to the retail segment and small businesses. These loans were very successfully executed with a surge in impressive repayments of a large number growing its subsequent profitability.
ICICI Bank recorded the percentage of its gross bad loans last year at 3.19 percent in its loan book. Reflecting a positive improvement, the gross bad loans this year came down to 3.07 percent.
The ICICI Bank Ltd founded as the Industrial Credit and Investment Corporation of India, in 1994 is headquartered in Mumbai. This Indian private bank offers a wide range of banking products and financial services for corporate and retail customers in the areas of core banking, investment banking, asset management, and venture capital with life and non-life insurance. ICICI Bank operates through its extensive network of 5275 branches, 15,589 ATMs spread in various locations in the country, and has its overseas presence in 17 different countries.