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ICICI Bank net profit up 34% to Rs 8,312 cr

The gross non-performing assets (NPA) ratio declined to 3.07 per cent from 4.13 per cent in the same period of the previous fiscal. Net NPAs stood at 0.55 per cent compared to 0.85 per cent at December 31, 2021.

ICICI Bank, ICICI Bank news, ICICI Bank profit, ICICI Bank net profit, Business news, Indian express, Current AffairsThere were net additions of Rs 1,119 crore to gross NPAs in Q3 FY23. Recoveries and upgrades of NPAs, excluding write-offs and sale, stood at Rs 4,604 crore in Q3 FY2023. The gross NPAs written-off were Rs 1,162 crore.
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ICICI Bank net profit up 34% to Rs 8,312 cr
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Private sector lender ICICI Bank on Saturday reported a 34.2 per cent rise in its standalone profit after tax (PAT) at Rs 8,312 crore in the quarter ended December 2022 compared to Rs 6,194 crore in the year-ago quarter.

Net interest income (NII) rose by 34.6 per cent to Rs 16,465 crore from Rs 12,236 crore in Q3 of FY2022.

The net interest margin (NIM) improved to 4.65 per cent in the reporting quarter from 3.96 per cent in the year-ago period.

The gross non-performing assets (NPA) ratio declined to 3.07 per cent from 4.13 per cent in the same period of the previous fiscal. Net NPAs stood at 0.55 per cent compared to 0.85 per cent at December 31, 2021.

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There were net additions of Rs 1,119 crore to gross NPAs in Q3 FY23. Recoveries and upgrades of NPAs, excluding write-offs and sale, stood at Rs 4,604 crore in Q3 FY2023. The gross NPAs written-off were Rs 1,162 crore.

The provisioning coverage ratio on NPAs was 82 per cent at December 31, 2022. Its total capital adequacy ratio was 18.33 per cent and tier-1 capital adequacy at 17.58 per cent.

Total advances increased by 19.7 per cent to Rs 9,74,047 crore and deposits rose by 10.3 per cent year-on-year to Rs 11,22,049 crore at December 31, 2022.

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In the third quarter of the fiscal, retail advances expanded by 23.4 per cent, business banking grew 37.9 per cent and wholesale grew 18.2 per cent.

First published on: 22-01-2023 at 04:10 IST
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