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☆ India's ICICI Bank beats estimates with record April-June net profit
▼ + stars: | 2023-07-22 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, July 22 (Reuters) - ICICI Bank (ICBK.NS), India's second-largest private lender, beat expectations to deliver a record first-quarter net profit on Saturday, helped by higher interest income and loan growth. The Mumbai-based lender reported a near-40% rise year-on-year in net profit to 96.48 billion rupees ($1.18 billion) for the April-June quarter, beating analysts' forecast of 91.8 billion rupees, Refinitiv IBES data showed. Net interest income - the difference between interest earned and paid - rose 38% to 182.27 billion rupees. Net interest margin (NIM) expanded to 4.78% from 4.01% a year earlier, but was lower than 4.90% reported in the January-March quarter. The bank booked provisions and contingencies of 12.92 billion rupees, up from 11.44 billion a year earlier.

Persons: Sandeep Batra, NIM, Batra, Banks, Siddhi Nayak, William Mallard, Jason Neely, Clelia Organizations: ICICI Bank, HDFC Bank, ICICI, Siddhi, Thomson Locations: MUMBAI, Mumbai, India

☆ India's ICICI Bank posts 30% jump in Q4 net profit
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 22 (Reuters) - India's ICICI Bank (ICBK.NS) on Saturday reported a 30% increase in fourth-quarter net profit helped by improved net interest income and growth in loans. Standalone net profit rose to a record 91.22 billion Indian rupees ($1.11 billion) from 70.19 billion a year earlier. 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%. "At this point in time, we are very comfortable with our deposit growth," Executive Director Sandeep Batra told reporters on a conference call. "I do not think deposit growth will be a constraint to our ability to grow our assets in a risk-calibrated manner."

☆ India ICICI Bank’s profit jumps 34% in October-December
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 21(Reuters) - India's ICICI Bank (ICBK.NS) on Saturday reported a 34.2% increase in net profit for the October-December quarter, on the back of improved revenues and healthy loan growth. Net profit for the quarter was 83.12 billion Indian rupees ($1.03 billion) up from 61.94 billion rupees in the same quarter a year earlier. That was in line with analysts' forecast of 81.25 billion rupees, according to Refinitiv IBES data. Net interest income, the difference between interest earned and paid, rose 34.6% to 164.65 billion rupees from 122.36 billion rupees last year. However, provisions and contingencies increased to 22.57 billion rupees from 16.44 billion rupees in the September quarter.

☆ India's ICICI Bank net profit jumps 37% as bad loan provisions drop
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 22 (Reuters) - ICICI Bank (ICBK.NS), India's second-largest private-sector lender, reported a 37% rise in quarterly net profit on Saturday as loan growth inched up and provisions for bad loans fell. Net profit for the three-months ending Sept. 30 rose to 75.58 billion rupees ($916 million), broadly in line with analysts' estimate of 73.51 billion rupees, according to Refinitiv IBES data. Net interest income, which is the difference between interest earned and paid out, was 147.9 billion rupees, a rise of 26% on the year-earlier period, the bank said in a statement. Loans increased across segments, including large corporate, although the bank was focusing on higher rated corporate borrowers, it said. The lender is holding adequate liquidity and does not see deposit growth as constraint on the bank's overall growth, said executive director Sandeep Batra.

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