ICICI Bank on Friday reported a net profit of Rs 2889 crore for the quarter ended December 31, 2014 which was up by 14 per cent compared to Rs 2,532 crore for the quarter ended December 31, 2013.
Net interest income increased 13 per cent to Rs 4,812 crore in the third quarter of current fiscal compared to Rs 4,255 crore in the corresponding period of previous year. Non-interest income has increased by 10 per cent to Rs 3,091 crore from Rs 2,801 crore.
“Growth was driven by strong retail growth and operating parameters…Given the subdued corporate and economic conditions, we continued to see additions to NPAs (non-performing assets)…It could be still 2-3 quarters more before we see improvement in the asset quality,” said Chanda Kochhar, Managing Director and Chief Executive Officer, ICICI Bank.
Retail growth was largely from home and auto loans…while we continue to take a calibrated approach on corporate loans, said Ms. Kochhar, adding, “fee income grew slower by 6 per cent mainly due to subdued growth on the corporate side.”
Provisions were at Rs 980 crore compared to Rs 850 crore in the second quarter of current fiscal and Rs 695 crore in the third quarter of previous financial year.
For the nine month period ended December 31, 2014, Bank’s net profit increased by 15 per cent to Rs 8,253 crore from Rs 7,158 crore for the corresponding period of previous year.
“The Bank continued to grow its retail franchise and has seen strong growth in the retail loan portfolio. It strengthened its deposit franchise with healthy mobilisation of current and savings account (CASA) deposits, leveraging its branch network and technology initiatives,” ICICI Bank said in a press release.
Total advances of the Bank increased by 13 per cent year-on-year to Rs 375,345 crore at December 31, 2014 from Rs 332,632 crore at December 31, 2013. The year-on-year growth in domestic advances was 16 per cent.
