The bank’s profit before tax had grown by 187% year-on-year basis to INR54.65bn ($766m) in the quarter
Image: ICICI Bank’s headquarters in Mumbai, India. (Credit: Wikipedia.org/Sumedh)
Indian private bank ICICI Bank has announced a core operating profit of INR70.17bn ($983m) for the third quarter ending 31 December 2019, up 24% compared to the same period a year earlier.
As per ICICI Bank, its profit after tax had also increased from INR16.05bn ($225m) in to INR41.46bn ($581m) in the December quarter on a year-on-year basis.
Net interest income had also increased by 24%, from INR68.75bn ($1bn) in Q3 2019 to INR85.45bn ($1.2bn) for Q3 2020.
The bank’s non-interest income, excluding treasury income, stood at INR40.43bn ($566m) in the third quarter compared to INR34.04bn ($477m) in the December quarter of the fiscal year 2019.
Fee income had also increased by 17% on a year-on-year basis, standing at INR35.9bn ($504m), with retail fees accounting for 77% of the total fees.
ICICI Bank had also recorded a 11% growth in its treasury income that increased from INR4.8bn ($67m) to INR5.31bn ($74m).
Domestic advances of ICICI Bank grew by 16% in December quarter
Domestic advances had increased by 16% on year-on-year basis. The bank claims to have leveraged its retail presence in the country, which helped in achieving 19% year-on-year growth in across the retail loan portfolio for the quarter.
Its total advances had increased by 13% year-on-year to INR6.3trillion ($89bn) from INR5.6trillion ($79.1bn) in third quarter of 2019.
The bank also reported an increase of 18% in total deposits for the period to INR7.16trillion ($100.3bn).
Earlier this month, the bank had launched 250 application programming interface (API) Banking portal, considered to be the country’s largest. These APIs could enable businesses, fintechs and corporate organisations and e-commerce start-ups to partner with the bank and develop new customer solutions in a frictionless manner.
With the new API portal, the time needed to fully-develop an application could also be reduced to a fraction, the bank claimed.