ICICI Bank Q3 Results: Operating profit rises 10% YoY, asset quality stable; 5 key highlights
₹10,272 crore from ₹8,312 during the same quarter last year. The bank reported a healthy jump of 10% in its core operating profit and the asset quality of the bank remained stable during the quarter ending December 2023. Earlier today, shares of ICICI Bank settled 0.92 per cent higher at ₹1,008.30 apiece on the BSE.
The bank recorded significant growth in digital and payments platforms as it witnessed more than 1 crore activations from non-ICICI Bank account holders on the Bank’s mobile banking app, iMobile Pay during the quarter ending December 2023. The core operating profit of the ICICI Bank grew 10.3% YoY during Q3FY24 to ₹14,601 crore from ₹13,235 crore during the same period last year. After excluding dividend income from subsidiaries and associates, the operating profit of the bank was recorded at 9.7% during the quarter ending December 2023.
The NII of the ICICI Bank grew by 13.4% YoY to ₹18,678 crore during the quarter under review from ₹16,465 crore during the year-ago period. Net Interest Income is the difference between interest earned by a bank through loans and interest it pays to depositors. The Net Interest Margin (NIM) of the ICICI Bank stood at 4.43% during the quarter ending December 2023 compared to 4.53% in Q2FY24 and 4.65% in Q3FY23.
In the nine-month period ending December 2023, the NIM of the bank stood at 4.57%. Net Interest Margin refers to the difference between the interest income earned and the interest disbursed by a bank in relation to its interest-generating assets such as cash. The net domestic advances of the ICICI Bank grew 18.8% year-on-year and 3.8% sequentially on December 31, 2023.
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