ICICI Bank standalone net profit jumps 30% to Rs 2,250 crore
The bank expanded its loans by 16 per cent y-o-y to Rs 2.87 lakh crore while deposits grew at a slower pace by about 10 per cent to Rs 2.86 lakh crore.
ICICI Bank shares closed at Rs 1,190.85, after hitting a high of Rs 1,231 in the run-up to the earnings announcement, down 1.93 per cent from yesterday's close on the BSE.
Analysts at Emkay Global Financial Services said numbers are significantly ahead of their estimates aided by asset quality improvement is commendable in stressed times like now.
Advances rose 16 per cent to Rs 2,86,766 crore from Rs 246,157 crore, led by 17 per cent spike in retail advances to Rs 96,528 crore.
The net non-performing asset ratio at improved to 0.64 per cent from 0.70 per cent a year ago, while sequentially also it improved a bit from 0.66 per cent.
On the advances side, the growth was led by retail loan books, which grew 17 per cent, up from 15 per cent in Q2 and 10 per cent in Q1.
Home loans notched up 19 per cent growth while auto loans fared much better with a 25 per cent growth. Corporate loans grew 16 per cent.
Non-interest income rose 17 per cent to Rs 2,215 crore from Rs 1,892 crore and non-core income rose 37 per cent.
Other income came in at Rs 193 crore, mainly in the form of dividends from it subsidiaries with ICICI Pru Life chipping in with Rs 97 crore and ICICI Lombard giving Rs
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