Private sector lender ICICI Bank on Saturday said its March 2024 quarter consolidated net grew 18.5 per cent to Rs 11,672 crore.
It had reported a net profit of Rs 9,853 crore in the year-ago period.
On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period.
The core net interest income increased 8.1 per cent to Rs 19,093 crore on a 16.8 per cent growth in loans and a marginal compression in net interest margin to 4.40 per cent.
The non-interest income, excluding the performance of the treasury, came at Rs 5,930 crore, 15.7 per cent higher than the year-ago period.
Advertisement
The provisions more than halved to Rs 718 crore for the reporting quarter, as per the exchange filing by the lender.
Earlier this week, ICICI Bank reported that nearly 17,000 newly issued credit cards were mistakenly linked to the wrong users in their digital systems. Fortunately, no cases of misuse have been reported due to this error, and the bank had assured the affected users of compensation for any financial losses.
The issue was brought to light through social media discussions and has since been resolved.
On an annual basis, the shares of the private bank have surged by more than 20 per cent on the National Stock Exchange.
Just one email a week