ICICI Bank’s Q3 Success: Achieving a Record Profit of 10,271 Crores, Surpassing Expectations on the Street

ICICI Bank’s third-quarter Profit After Tax (PAT) reached 10,271 crores, surpassing the estimates of 9,980 crores.

The Net Interest Income (NII) for the quarter stood at 18,679 crores, exceeding estimate of 18,458 crores.

Pre-Provision Operating Profit (PPOP) during Q3 reached 14,724 crores, outperforming the estimates of 14,343 crores.

The Gross Non-Performing Assets (NPA) displayed a positive trend, decreasing to 2.3% from the previous quarter’s 2.48%.

Net NPA remained stable at 0.44%, representing a slight increase from the previous quarter’s figure of 0.43%.

The private lender’s capital adequacy ratio dropped by 146 basis points sequentially to 14.61% as of December 31.

This reduction in capital is linked to the Reserve Bank of India’s November decision to increase risk weights for unsecured consumer loans, resulting in additional capital requirements.

Total advances showed a year-on-year increase of 18.5%, reaching Rs 11.54 lakh crore.

Net domestic advances grew by 18.8%, driven by a 21.4% year-on-year expansion in retail advances.

The bank recorded an 18.7% year-on-year rise in total deposits, reaching Rs 13.32 lakh crore.

Term deposits surged by 31%, exceeding Rs 8 lakh crore.

Average current account deposits experienced an 11.6% rise, while average savings account deposits grew by 2.8% year-on-year.