ICICI Bank on Saturday surpassed Street estimates when it reported a 14.80 per cent rise in net profits for the quarter ended December 31 on a strong loan growth and higher core income. The lender posted a net profit of ₹11,792 crore against ₹10,272 crore a year ago.
Analysts were expecting the lender to report a net profit of around ₹11,500 crore.
Net interest income (NII-interest earned minus interest paid) rose to ₹20,371 crore from ₹18,678 crore in the year-ago period, a jump of 9.06 per cent. Total advances increased 13.9 per cent over the previous year period and 2.9 per cent sequentially to ₹13,14,366 crore.
ICICI Bank added that the net domestic advances grew 15.1 per cent year-on-year and 3.2 per cent over the preceding three months. During the quarter, its retail loan portfolio rose 10.5 per cent over the previous year period and comprised 52.4 per cent of the total loan portfolio on December 31.
In absolute terms, gross NPAs came in at ₹27,745.33 crore against ₹28,774.63 crore in the year-ago period. Provisions, however, rose to ₹1226.65 crore from ₹1049.37 crore a year ago.
Yes Bank net jumps
Yes Bank reported a 164 per cent jump in net profits for the quarter ended December 31, following a sharp drop in provisions. Net profits increased to ₹612.27 crore from ₹231.46 crore in the year-ago period. This came after provisions fell to ₹258.68 crore from ₹554.74 a year ago.
NII was up 10 per cent over the previous year period to ₹2224 crore from ₹ 2200 crore.
IDFC First Bank
IDFC First Bank saw a nearly 53 per cent fall in profits for the third quarter ended December 31 after provisions climbed.
The bank clocked a net profit of ₹339.43 crore against ₹715.68 crore a year ago. Provisions during the period were at ₹ 1337.92 crore from ₹ 654.81 crore in the year-ago quarter.
