Traffic passes in front of the head office of ICICI Bank in Mumbai, India on April 21, 2023. Photo credit: Reuters
Private lender ICICI Bank on April 22 reported a 27.64% rise in consolidated net profit at ₹9,852.70 crore for the January-March quarter of 2022-23 as compared to the year-ago period.
On a standalone basis, the largest private sector lender posted a nearly 30% jump in its net profit at ₹9,121.87 crore in the March quarter.
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Its total income rose to Rs 36,108.88 crore in the quarter under review, as against Rs 27,412.32 crore in the year-ago period, while total expenses rose to Rs 22,282.50 crore from Rs 17,119.38 crore in the year-ago period.
The share of gross non-performing assets in total loans stood at 2.81% as on March 31, 2023, which is an improvement from 3.60% in the year-ago period and 3.07% in the quarter-ago period.
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Its overall provisioning rose to ₹1,619.80 crore from ₹1,068.95 crore in the year-ago period, but was lower than the December quarter’s ₹2,257.44 crore.