ICICI Bank's fourth-quarter results show a 59% increase in net profit year over year

On April 23, private sector creditor ICICI Bank reported net revenue growth of 59.4% YoY to Rs 7,018.7 crore for the quarter ended March, beating analysts’ estimates of Rs 6,450 crore.

The lender reported 20.8% year-on-year rise in net interest income of Rs 12,605 crore for the quarter, still beating the expectations of analysts.

The ATM board also approved a dividend of Rs 5 per share for the company.

    

Toplines growth shines

But the bottom line of the lender was also sustained by a sharp decrease in price. Provision in the reporting quarter fell 63% yoy to Rs 1,069 crore. Subserve fourth quarter included contingent subsidies of Rs 1,025 crore, placed on a conservative basis, ICICI Bank said.

The strong growth in interest rates lender's net income increased by 17% year-on-year. Analysts had expected private sector banks to show listed loan growth of 15-18% during the fourth quarter.

The free interest lender segment also posted strong growth, with sales rising 11% year over year to Rs 4,608 crore. Revenue from fees for the lender increased by 14% yoy to Rs 4,366 crore.

The bank reported a profit of Rs 129 crore in March, compared to a loss of Rs 25 crore in the fourth quarter of the previous year.

Operating display is stable

ICICI Bank continues to lead in terms of operations as its operating income before reserves increased by 19 percent year-on-year to Rs.10,164 crore, which is largely in line with analyst estimates.

The lender's net interest margin was 4 percent, compared to 3.84 percent in the previous quarter and 3.96 percent in the previous quarter.