MUMBAI: ICICI Bank, the second-largest personal lender, has reported a net profit of Rs 10,708 crore for the quarter ended March 2024, marking a rise of 17.4%, surpassing analyst forecasts. The financial institution’s board has really useful a dividend of Rs 10 per share. At the tip of the quarter, the financial institution’s deposits stood at Rs 14,12,825 crore, up by 19.6% from March 2023.Meanwhile, advances stood at Rs 11,50,955 crore, a rise of 16.8% from the earlier yr. The financial institution’s net curiosity revenue rose by 8.1% to Rs 19,093 crore. However, net curiosity margin (NIM) stood at 4.4%, down from 4.9% a yr in the past and 4.43% within the previous quarter.
For the total yr, profit after tax grew by 28.2% to Rs 40,888 crore. The financial institution’s asset quality improved, with its gross non-performing belongings (NPA) ratio at 2.16% as of end-March, in contrast to 2.3% on the finish of Dec. As a outcome, provisions dipped sharply to Rs 718 crore from Rs 1,619 crore a yr earlier. Bank’s govt director Sandeep Batra stated the financial institution’s IT spend had elevated from 5.6% of complete bills final yr to 9.4%. He additionally stated that the financial institution stays targeted on enhancing its capabilities. On the outlook, Batra stated, “We do expect net interest margin to be range-bound adjusted for seasonality unless there is any change in the repo rate as there are imponderables during the year that we are not aware of. Repricing of term deposits will continue into the first quarter. Going ahead, we expect RBI to undertake a shallow rate cut.”
“Our deposits have been growing at a healthy rate. We will not be raising deposits at any cost. As a bank, our objective is to meet the overall need of the customer,” he added.
Batra additionally stated that the financial institution continues to improve the usage of know-how in its operations and to present options to clients. The retail lending platform, iLens, is being upgraded on an ongoing foundation, with private loans and training loans now built-in into the platform together with mortgages.
For the total yr, profit after tax grew by 28.2% to Rs 40,888 crore. The financial institution’s asset quality improved, with its gross non-performing belongings (NPA) ratio at 2.16% as of end-March, in contrast to 2.3% on the finish of Dec. As a outcome, provisions dipped sharply to Rs 718 crore from Rs 1,619 crore a yr earlier. Bank’s govt director Sandeep Batra stated the financial institution’s IT spend had elevated from 5.6% of complete bills final yr to 9.4%. He additionally stated that the financial institution stays targeted on enhancing its capabilities. On the outlook, Batra stated, “We do expect net interest margin to be range-bound adjusted for seasonality unless there is any change in the repo rate as there are imponderables during the year that we are not aware of. Repricing of term deposits will continue into the first quarter. Going ahead, we expect RBI to undertake a shallow rate cut.”
“Our deposits have been growing at a healthy rate. We will not be raising deposits at any cost. As a bank, our objective is to meet the overall need of the customer,” he added.
Batra additionally stated that the financial institution continues to improve the usage of know-how in its operations and to present options to clients. The retail lending platform, iLens, is being upgraded on an ongoing foundation, with private loans and training loans now built-in into the platform together with mortgages.
