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India’s second largest private bank saw its July-September net profit rise on higher core income and lower provisions.
ICICI Bank’s net profit for the quarter stood at Rs 7,558 crore, up 37% year-on-year. Analysts polled by Bloomberg estimated a Rs 7,411.6 crore net profit for the three months.
Net interest income, or core income, for the bank rose 26% from a year ago and stood at Rs 14,787 crore. Other income too rose 5.4% year-on-year to Rs 5,055 crore.
Gross non-performing asset ratio for the bank fell by 22 basis points sequentially to 3.19%. Similarly, net NPA improved to 0.61% as of September 30, compared with 0.7% as of June 30.
Provisions for the quarter fell 39% year-on-year to Rs 1,644.5 crore.
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