economy
India's ICICI Bank profit beats estimates on strong loan growth, lower provisions
Total loans at the country's second-largest private lender by market capitalization rose 15.8% from a year earlier, led by continued momentum in retail lending.
TL;DR
- ICICI Bank reported a fourth-quarter standalone net profit of 137.02 billion rupees, exceeding analyst expectations of 126.52 billion rupees.
- Profitability was boosted by lower provisions for bad loans, recoveries from written-off accounts, and growth in core interest income.
- Total loans grew by 15.8% year-on-year, primarily due to strong retail lending, while deposits increased by 11.4%.
- Net interest income rose 8.4% to 229.8 billion rupees, with net interest margins remaining stable at 4.32%.
- Gross non-performing assets decreased to 1.4% of total loans, and provisions for bad loans plunged by 89%.