ICICI Bank Reports 15% Increase in Q3 Profit to Rs 11,792 Crore Due to Core Income Growth

ICICI Bank reported a 15% increase in standalone net profit, reaching Rs 11,792 crore for the December quarter. This growth was driven by an increase in core income. In the same period last year, the bank's net profit stood at Rs 10,272 crore. Total income rose to Rs 48,368 crore from Rs 42,792 crore a year earlier, as per the bank's regulatory filing.

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Interest income saw a rise to Rs 41,300 crore during the reviewed quarter compared to Rs 36,695 crore in the previous year. Net interest income (NII) also grew by 9.1% year-on-year, reaching Rs 20,371 crore from Rs 18,678 crore in Q3-2024. The core operating profit increased by 13.1%, amounting to Rs 16,516 crore compared to Rs 14,601 crore in the third quarter of the last fiscal year.

Asset Quality and Provisions

The bank's asset quality showed improvement with gross non-performing assets (NPAs) ratio reducing to 1.96% from 2.3% a year ago. Net NPAs decreased slightly to 0.42% from 0.44% at the end of the third quarter last fiscal year. However, overall provisions excluding tax rose to Rs 1,227 crore during the quarter from Rs 1,049 crore a year ago.

The provision coverage ratio on non-performing loans was recorded at 78.2% as of December 31, 2024. ICICI Bank typically experiences higher NPA additions from its Kisan Credit Card portfolio during the first and third quarters of a fiscal year. Recoveries and upgrades of NPAs, excluding write-offs and sales, were Rs 3,392 crore in Q3 compared to Rs 3,292 crore in Q1 and Rs 3,319 crore in Q2 of FY2024-25.

Consolidated Financial Performance

On a consolidated basis, profit after tax increased by 16.6%, reaching Rs 12,883 crore compared to Rs 11,053 crore in the third quarter of the previous fiscal year. Total consolidated income rose significantly to Rs 74,627 crore from Rs 59,480 crore in the same quarter last year.

The bank's capital adequacy ratio improved slightly to 14.71% from 14.61% at the end of Q3 of the previous financial year. ICICI Bank plans to continue investing in computing infrastructure and upgrading digital channels to enhance system resilience and simplify processes for better customer experience.

Leadership Appointments

ICICI Bank's board approved the re-appointment of Sandeep Batra as executive director until December 22, 2027. Additionally, Rakesh Jha has been re-appointed as executive director for another two years until September 1, 2027. These appointments are subject to approvals from the Reserve Bank of India and shareholders.

The bank remains committed to strengthening its digital capabilities and infrastructure investments to improve customer service and operational efficiency.