ICICI Bank Limited recently released its financial results for the July-September quarter of FY 2024-25, showing strong growth across multiple segments.
Rise in Net Profit
ICICI Bank reported a 14.47% increase in net profit, reaching ₹11,745.88 crore compared to ₹10,261 crore in the same quarter last year. This impressive growth reflects the bank’s effective management of its revenue streams and investments.
Also Read: Net Profit of all Banks in September 2024 Quarter
Growth in Interest and Investment Income
The bank’s interest income grew by 16.08% year-over-year, amounting to ₹40,537.38 crore, highlighting a robust increase from ₹34,920.39 crore. Additionally, income from investment activities surged by 18.38%, totaling ₹8,311.33 crore this quarter compared to ₹7,020.31 crore last year.
Reduction in Non-Performing Assets
ICICI Bank improved its asset quality, with gross non-performing assets (NPA) dropping by 51 basis points to 1.97%, down from 2.48% in the previous year’s second quarter. However, net NPA rose slightly to ₹5,685.14 crore, compared to ₹5,046.47 crore.
Strong Retail and Treasury Segments
ICICI Bank’s retail banking and treasury segments were top revenue generators. The retail banking segment grew by 17.14% year-over-year to reach ₹38,750.86 crore, while the bank’s digital banking segment saw a 31.49% rise to ₹10,051 crore. Meanwhile, the treasury segment’s revenue rose by 20.53% to ₹33,579.54 crore, demonstrating robust performance in diversified banking areas.
These results underline ICICI Bank’s steady growth trajectory across retail, digital, and treasury services, positioning the institution well for continued financial success.
Also Read: Net Profit of all Banks in September 2024 Quarter
