ICICI Bank reported a 15 per cent year-on-year (y-o-y) increase in first quarter (Q1FY25) standalone net profit at ₹11,059 crore on the back of moderate growth in net interest income (NII) and robust growth in other income. India’s second largest private sector bank had reported a net profit of ₹9,648 crore in the year-ago quarter. Other income, including fee-based income, treasury income and recovery in written-off accounts, rose 29 per cent y-o-y to ₹7,002 crore (₹5,435 crore). But, it is very difficult to assess the impact right now.”Operating profit (profit before provisions and contingencies) increased by 13 per cent y-o-y to ₹16,025 crore (₹14,139 crore). Meanwhile, the bank’s consolidated net profit increased by 10 per cent y-o-y in the reporting quarter to ₹11,696 crore against ₹10,636 crore in the year-ago period.

Source: The Hindu July 28, 2024 00:05 UTC