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India's ICICI Bank posts 30% jump in Q4 net profit

22 April 2023 15:34 (UTC +04:00)

India's ICICI Bank (ICBK.NS) on Saturday reported a near 30% increase in fourth-quarter net profit helped by improved net interest income and growth in loans, APA reports citing Reuters.

Standalone net profit rose to 91.22 billion Indian rupees ($1.11 billion) from 70.19 billion a year earlier.

That topped the 90.41 billion forecast by analysts, Refinitiv Eikon data showed.

Net interest income, the difference between interest earned and paid, rose 40.2% to 176.67 billion rupees while the private lender's net interest margin widened to 4.90% from 4%.

Its total advances grew by 18.7% largely led by retail loans while deposits grew 10.9%.

Loan demand growth in India has stayed in double-digits in recent months while lenders have looked to shore up their deposit base amid tightened liquidity conditions.

ICICI Bank's asset quality improved, with its gross non-performing assets (NPA) ratio falling to 2.81% from 3.60% a year earlier. It booked provisions and contingencies of 16.2 billion rupees, up from 10.69 billion.