The sharp jump in the profit of ICICI Bank in Q3 came on the back of a strong growth in loans
ICICI Bank’s Q3 report was released on Saturday. According to the December quarter report, ICICI Bank’s standalone profit rose 34 per cent annually to Rs 8,312 crore compared with the same period last year. The sharp jump in the profit of ICICI Bank in Q3 came on the back of a strong growth in loans.
ICICI Bank's total income increased to Rs 33,529 crore in Q3 from Rs 27,069 crore in the same period last year. Even NII's are up almost 35 per cent to Rs 16,465 crore from Rs 12,236 crore in Q3 a year ago. This also shows healthy growth. As far as Net Interest Margin (NIM) goes, it too, improved to 4.65 per cent as compared to Rs 3.96 per cent in the same period, a year ago.
Being one of the biggest banks in India, ICICI Bank’s Q3 report had many eyes as even in Q2, the bank reported steady good numbers with consolidated net profit jumping 31 per cent.
For those unaware about the business dynamics of ICICI Bank, even in the September quarter, the second largest private sector lender reported a 37.14 per cent rise in net profit at Rs 7,557.84 crore, as against Rs 5,510.95 crore in the year-ago period. While the bank’s total income grew even in Q2, so did the expenses.