ICICI Bank, a private sector lender based in Mumbai, has reported a 36% rise in standalone net profit for the September 2023 quarter. The bank's net profit reached Rs 10,261 crore, compared to Rs 7,558 crore in the same period last year.
The total income for the quarter rose to Rs 40,697 crore from Rs 31,088 crore a year ago. The bank's interest income also improved, reaching Rs 34,920 crore compared to Rs 26,033 crore in the September 2022 quarter.
Net interest income increased by 24% to Rs 18,308 crore, and the net interest margin rose to 4.53%. The bank's asset quality showed improvement, with gross non-performing assets declining to 2.48% and net NPAs declining to 0.43%.The bank's capital adequacy ratio, however, dropped to 16%. On a consolidated basis, the bank's profit increased by 36% to Rs 10,896 crore.
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