ICICI Bank Posts Robust Growth in Q3 2024: Profit Rises 16.5% and Income Surges 25.4%
ICICI Bank Posts Robust Growth in Q3 2024: Profit Rises 16.5% and Income Surges 25.4%: ICICI Bank, a leading private-sector bank, showcased robust growth in the October-December 2024 quarter with significant year-on-year improvements in key financial metrics. Here’s a detailed breakdown of its performance:
Consolidated Profit and Income Surge
ICICI Bank reported a consolidated net profit of ₹12,883.37 crore for the December 2024 quarter, marking a 16.5% increase from ₹11,052.60 crore in the same quarter a year ago. The bank’s consolidated income surged by 25.4% year-on-year, reaching ₹74,626.56 crore, up from ₹59,479.76 crore in the December 2023 quarter.
Interest Income Growth
The bank disclosed that its consolidated interest income for the quarter amounted to ₹47,037.12 crore, compared to ₹40,865.23 crore a year earlier. This growth underlines the strong lending activity and healthy performance across the bank’s portfolio.
Standalone Performance
On a standalone basis, ICICI Bank posted a net profit of ₹11,792.42 crore in the December 2024 quarter, reflecting a 15% growth over ₹10,271.54 crore in the previous year. Standalone income also saw an increase, rising to ₹48,367.87 crore from ₹42,791.64 crore in the December 2023 quarter.
Improvement in Asset Quality
The bank continued to strengthen its asset quality metrics. Its gross Non-Performing Asset (NPA) ratio declined to 1.96% in the December 2024 quarter from 2.30% in the same period last year. The net NPA ratio improved slightly to 0.42% compared to 0.44% a year ago.
Deposits and Advances Growth
ICICI Bank achieved significant growth in deposits and advances on a consolidated basis. Total deposits rose to ₹15,51,165.62 crore, up from ₹13,66,842.09 crore a year earlier. Advances also grew to ₹13,97,265.27 crore, compared to ₹12,29,198.02 crore in the December 2023 quarter, reflecting the bank’s expanding credit book.
Stock Market Performance
ICICI Bank shares closed at ₹1,209.45 on the Bombay Stock Exchange (BSE) on Friday, January 24, 2025. The bank’s market capitalization stands at ₹8.53 lakh crore. Over the past year, the stock has delivered a 21% return but has declined by 6% in January 2025. The stock hit a 52-week high of ₹1,361.35 on September 20, 2024, and a 52-week low of ₹985.15 on February 12, 2024.
ICICI Bank’s consistent growth across various financial parameters underscores its resilience and operational strength in an evolving economic environment. The positive performance reflects the bank’s strategic focus on growth, asset quality, and profitability.
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