India's second-largest private bank ICICI Bank has announced its results for the period of 3 & 12 months that ended in March 2023 as investors cheered the bottom line figures, which were well above the estimates.
For 3 months that ended in March 2023, the company's total income grew 31.7% to Rs 36,109 crores as the Net Interest Income of the bank grew 40.2% the same came in at Rs 17,667 crores. The profit for the quarter stood at Rs 9,122 crores, growing 30% YoY.
For the financial year 2023, the revenues of the bank's Total Income grew 23% to Rs 129,063 crores as Retail Banking logged the greatest growth during the year followed by the Wholesale and Treasury segments.
Net Interest Income i.e. the difference between interest earned and interest expended, grew 31% YoY to Rs 62,129 crores while Core Operating Profit improved 28% to Rs 49,139 crores. Profit for the period came in at Rs 31,897 crores, growing 36.7% from Rs 23,334 crores reported in the corresponding period last year.
Asset quality of the bank improved significantly as Gross NPAs and Net NPAs improved from 3.6% and 0.76% to 2.81% and 0.48% respectively.
The bank has announced a share of Rs 8 per share for the year's end. Shares of the private lender jumped over 2% as it closed at Rs 904.75 per share, up 2.16% on an intraday basis.
- Aman Agarwal
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