Private sector lender ICICI Bank on Saturday reported a 260.47% year-on-year rise in net profit to ₹4,402.61 crore for the three months to March on the back of rise in net interest income (NII) and lower provisioning.
The bank posted a net profit of ₹1,221.36 crore in the year ago-quarter.
However, its profit was lower than ₹4,507.10 crore estimated by a Bloomberg poll of 5 analysts.
Net interest income, the difference between interest earned and interest expended, grew 16.85% YoY to ₹10,431.13 crore for the quarter ended 31 March over ₹8,926.89 crore in the same quarter last year.
Provisions fell 51.68% during the March quarter to ₹2,883.47 crore against ₹5967.44 crore in the corresponding quarter last year.
Gross non-performing assets (NPAs) as a percentage of total loan rose to 4.96% as compared to 5.53% a year ago and 4.38% in the previous quarter ended December.
Net NPAs fell to 1.14% from 1.41% in the same quarter last year and 0.63% in the previous quarter.
Surjitt Sahani
