ICICI Bank’s net profit up y-o-y by 17% to ₹10,707 Crore

29 Apr 2024 , 12:47 PM

On April 27, private sector lender ICICI Bank recorded a net profit of ₹10,707 Crore for the January-March quarter of fiscal year 2023-24, up 17% from ₹9,122 Crore in the previous year.

The net profit is in line with the market estimate of ₹10,331 Crore. The bank proposed paying a dividend of ₹10 per share.

The net interest income (NII) of ₹19,093 Crore increased by 8% compared to ₹17,667 Crore reported in the same quarter of the previous fiscal. The NII is somewhat higher than the forecasts of ₹18,958 Crore.

The bank’s gross non-performing assets (NPAs) were 2.16%, down from 2.81% in the same period last year. However, net NPA for the quarter was 0.42%, down from 0.48% the previous year.

Anindya Banerjee, the Chief Financial Officer of ICICI Bank, stated that the bank reversed approximately ₹100 Crore from the provisions it had set aside for its alternative investment funds (AIFs). Banerjee made this announcement during a press conference held on April 27 following the release of the bank’s results.

Banerjee stated that the bank currently has no intentions to make more investments in AIFs. The lender had set aside ₹627 Crore for AIF investments.

On March 27, the Reserve Bank of India (RBI) released clarifications to its earlier restrictions on lenders’ involvement in alternative investment funds (AIFs), which also invest in borrower companies linked to the lenders.

At around 12.42 PM, ICICI Bank was trading 3.33% higher at ₹1,144.75 per piece, against the previous close of ₹1,107.90 on NSE. The counter touched an intraday high and low of ₹1,145.50, and ₹1,107.90, respectively.

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