India's ICICI Bank's net profit increases 34.2pc
Business
Balance sheet strengthened by increasing provisions rather than current balance sheet response, Bank
MUMBAI (Web Desk) - On the strength of higher revenues and strong loan growth India s ICICI Bank on Saturday announced a 34.2 percent increase in net profit for the October-December quarter.
The net profit for the quarter increased from 61.94 billion Indian rupees in the same quarter last year to 83.12 billion rupees ($1.03 billion). According to Refinitiv IBES data, that was in line with analysts projection of 81.25 billion rupees.
The difference between interest paid and received, or net interest income, increased by 34.6 percent to 164.65 billion rupees from 122.36 billion rupees in the previous year.
The bank said that increasing provisioning was a wise move to strengthen the balance sheet rather than a response to any current balance sheet concern.
