ICICI Bank Q3 net rises 30%
The country’s largest private sector bank reported net interest margins (NIMs) of 3.07%, 7 basis points higher than the September quarter. “On domestic side, NIM remained stable whereas on the international side there is scope for improvement. We will definitely maintain NIM and work towards increasing it slightly,” Chanda Kochhar, MD and CEO, ICICI Bank said on a conference call.
Kochhar expects the domestic loan book to grow 20% y-o-y in the current financial year, with retail and corporate loan book growing at an equal pace.
The bank’s asset quality improved with gross non-performing assets (NPAs) sequentially down 23 basis points at 3.31%, and net NPAs falling 2 bps to 0.76%. Slippages in the quarter were to the tune of R850 crore. The net restructured assets at end of the December quarter were R4,169 crore, lower than R4,158 crore at the end of the September 2012.
ICICI Bank’s bad loan provision coverage ratio (PCR) stood at 77.7% as on December 31, 2012, the bank said in a statement.
“PCR has come down marginally in the last few quarters from
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