ICICI Bank’s net interest income rose 20.8% to Rs 12,605 crore in March 2022 quarter
Private sector ICICI Bank released its quarterly results on 23 April 2022. ICICI Bank’s net profit rose 59.4% year-on-year to Rs 7,018.7 crore The bank’s results have been better than market estimates. Market analysts had expected the bank to post a net profit of Rs 6,450 crore
ICICI Bank’s net interest income rose 20.8% to Rs 12,605 crore in the March 2022 quarter. This has also exceeded market expectations.
ICICI Bank said revenue growth was due to lower spending on provisions. In the March 2022 quarter, the bank’s provisions fell 63% to Rs 1,069 crore.
Net interest income has increased
ICICI Bank’s net interest income has increased by 17% year on year. Market experts say the bank’s credit growth has been 15-16 percent in the March quarter.
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ICICI Bank’s non-interest segment also grew by 11% year-on-year to Rs 4,608 crore. At the same time, the bank’s fee income rose 14% to Rs 4,366 crore in the March quarter. In the March 2022 quarter, the bank earned Rs 129 crore in treasury. Where a year ago the bank’s loss was 25 crore.
The board of ICICI Bank has approved a dividend of Rs 5 per share for the shareholders.