ICICI Bank reports stellar Q3-2024 performance with strong profit growth
The Board of Directors of ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) met today in Mumbai, approving the standalone and consolidated accounts for the quarter ended December 31, 2023 (Q3-2024). The bank’s statutory auditors have issued an unmodified report, reflecting a solid financial position.
Impressive Profit and Operating Growth
ICICI Bank’s performance in the third quarter of 2024 was marked by a remarkable year-on-year growth. The profit before tax, excluding treasury, grew by 23.4% to ₹13,551 crore (US$ 1.6 billion). This was complemented by a 10.3% increase in core operating profit, which reached ₹14,601 crore (US$ 1.8 billion). The bank’s profit after tax also saw a significant boost, growing by 23.6% to ₹10,272 crore (US$ 1.2 billion).
Enhanced Net Interest Income and Margins
Net interest income (NII) experienced a 13.4% year-on-year rise, reaching ₹18,678 crore (US$ 2.2 billion). However, the net interest margin slightly decreased to 4.43% in Q3-2024 from 4.65% in Q3-2023.
Growth in Deposits and Digital Platforms
The bank reported an 18.7% year-on-year growth in total period-end deposits, amounting to ₹13,32,315 crore (US$ 160.1 billion). The average CASA ratio was 39.4% in Q3-2024. The bank’s digital and payment platforms, including iMobile Pay and Merchant STACK, have shown substantial growth. UPI-based merchant acquiring transactions grew by 85.0% year-on-year.
Advancements in Digital Banking and Trade Solutions
ICICI Bank has been focusing on enhancing its digital offerings, with over one crore activations on its mobile banking app. The bank has also developed industry-specific STACKs, providing digital solutions to corporate clients. Its Trade Online platform saw a 26.2% year-on-year growth in transactions.
Provisioning and Asset Quality
Provisions for Q3-2024 were ₹1,050 crore (US$ 126 million), including ₹627 crore (US$ 75 million) on investments in Alternate Investment Funds. The bank’s asset quality remains strong, with a net NPA ratio of 0.44% as of December 31, 2023.
Capital Adequacy and Liquidity
ICICI Bank’s total capital adequacy ratio was 16.70%, and the CET-1 ratio stood at 16.03%, reflecting a robust capital position.
Discover more from Business-News-Today.com
Subscribe to get the latest posts sent to your email.