ICICI Bank, India's second largest private bank, recorded a nearly 30% YoY increase in net profit to Rs 9,121.9 crore for the quarter ending in March 2023.
ICICI Bank is a private sector bank in India, with its headquarters in Mumbai. It offers a wide range of financial products and services such as personal banking, corporate banking, wealth management, insurance, and investment banking.
The bank has a large network of branches and ATMs across India, as well as international branches in various countries. ICICI Bank is the second largest private bank in India in terms of market capitalization and assets, and is considered one of the leading banks in the country.
The bank's net interest income rose by 40.2% to Rs 17,667 crore from Rs 12,605 crore in the corresponding quarter the previous year, with an expected growth of 38% YoY to Rs 17,712 crore for the December quarter. ICICI Bank's domestic loan book grew 20.5%, primarily driven by business banking and retail loans, with business banking loans increasing by 34.9% YoY and retail loan portfolio by 22.7% YoY.
Additionally, loans to SMEs rose by 19.2% from the same period in 2022. The bank's gross bad loans as a percentage of its loan book decreased to 2.81% from 3.60% a year ago, while the net NPA ratio decreased to 0.48% from 0.76% a year ago. The board of ICICI Bank recommended a dividend of Rs 8 per share in line with applicable guidelines.