ICICI Bank Q4 2023 results: Net profit increased by 30% to over ₹ 9000 crore
ICICI Bank has released the results of the fourth quarter of the financial year 2022-23 on Saturday (April 22). ICICI Bank’s standalone net profit for the quarter grew 30% year-on-year to Rs 9,122 crore. In the same quarter last year, the bank had earned a profit of Rs 7018 crore. While the bank had a profit of Rs 8,311 crore in the December quarter.
Net interest income increased by 40.2%
ICICI’s Net Interest Income (NII) grew 40.2% year-on-year to Rs 17,667 crore in the fourth quarter (January-March). It was Rs 12,605 crore in the same quarter a year ago. According to the bank, the core net interest margin on total assets grew by 36.4% to Rs 13,866 crore from Rs 10,164 crore in the corresponding quarter last fiscal.
NPA fell from 3.6% to 2.81%
The asset quality of ICICI has improved. The non-performing assets (NPA) of the bank has come down to 2.81%, which was 3.60% in March 2022 and 3.07% in December 2022. At the same time, net non-performing assets have come down to 0.48% in March 2023, which was 0.76% in March 2022.
ICICI Bank made a profit of Rs 31,896 crore in the entire financial year
Along with the March quarter, the bank also released the results for the entire financial year 2022-23. The bank has earned a profit of Rs 31,896 crore in the entire financial year. Whereas, in the last financial year, the bank had a profit of Rs 23,339 crore. Accordingly, the profit has increased by 37% in this financial year as compared to the previous financial year.
Bank will give ₹ 8 dividend on every share to shareholders
Along with declaring the results, ICICI Bank has announced a dividend of Rs 8 per share to the shareholders. On Friday (April 21), a day before the release of ICICI’s results, the bank’s stock closed at Rs 887, down 0.76%.
