MUMBAI – ICICI Bank, one of India’s leading private sector banks, has revealed its third-quarter earnings today. The bank reported a significant year-on-year rise in net profit, reaching ₹8,312 crore, exceeding market expectations that were already anticipating a robust increase. This figure is a correction from an earlier report which suggested a higher profit.
The bank’s loan portfolio also saw a considerable expansion, even with an expected squeeze in margins. The bank’s asset quality showed signs of improvement with specific percentage drops in gross and net Non-Performing Assets (NPAs) to 2.30% and 0.44%, respectively, compared to the same quarter last fiscal year. This improved asset quality signals a resilient financial position and has further solidified ICICI Bank’s standing in the market.
Investors have been closely monitoring ICICI Bank’s stock, which demonstrated a solid performance leading up to the earnings announcement. In fact, the bank’s shares appreciated by 1.24%, ending at ₹1,011.50 per share today.
Analysts have shown particular interest in the bank’s handling of its unsecured loan portfolio, given the potential risks associated with such lending practices. The bank’s operational expenses have also been under scrutiny as these are crucial indicators of efficiency and cost management.
The market’s positive outlook is now further reinforced by the impressive annual rise in profits for the bank as well as the reduction in NPAs, signifying enhanced asset quality over the same period in the previous fiscal year.
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