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Reading: ICICI  Bank’s  Q3 net  profit rose  23.6% to Rs 10,272 crore 
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BusinessIndia

ICICI  Bank’s  Q3 net  profit rose  23.6% to Rs 10,272 crore 

Team Happen Recently
Last updated: 2024/01/21 at 10:39 AM
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 In  Q3FY24,  provisions included Rs 627 crore  for investment  in  alternative investment funds, according to  the  RBI’s  December  notification.  

  ICICI Bank, the private  sector  lender,  reported a  23.6% rise  in  standalone profit after tax  to  Rs 10,272 crore  for  the quarter ended December 2023,  compared to  Rs 8,312 crore in the  year-on-year  quarter.  

 The  bank’s  net interest income (NII)  grew  13.4 per cent to Rs 18,678  crore, compared to  Rs 16,465 crore in  Q3FY23.  

 Net interest margin (NIM) – the difference between  interest income earned and  interest paid –  fell  to  4.43%  in the October-December 2023  quarter,  from  4.65%  in the year-ago period.  Gross NPAs  (non-performing  assets)  stood at  2.3%  in  Q3FY24,  compared to  3.07%  in the same  period  last year.  Net  NPA ratio was  0.44% as on  December 31,  2023,  compared to  0.55% as on  December 31, 2022.  The net  addition  to gross NPAs, excluding  debt  write-offs and  revenue, stood at  Rs 363 crore.  NPA recovery  and  upgradation,  excluding write-offs and  sales, stood at  Rs 5,351 crore and the bank wrote off  total  NPAs amounting to Rs 1,389 crore in  Q3FY24.  

 Provisions (excluding  tax provisions)  stood at Rs 1,050 crore in the  quarter  under review,  compared  with  Rs 2,257 crore last year. In  Q3FY24,  provisions included Rs 627 crore  for  investments in  alternative investment funds (AIFs), according to  the  RBI’s  December notification.  

 Last month, the RBI  had  directed banks, NBFCs and other lenders not to invest in any  alternative investment  fund (AIF) scheme involving  downstream investments in a  corporate  debtor.

  The regulator said regulated entities  (REs)  should liquidate  their investments  in the scheme within 30 days from the date  the AIF made  such downstream  investment. If RE is unable  to liquidate  its  investments within the  stipulated time, it  will have to make  100%  provision  against  such investments,  the  RBI said. 

  Real progress in the country increased  by  18.8% over the same period last year.  The retail loan portfolio  increased  by  21.4%.  Total  ending  deposits increased  18.7% YoY  to Rs 13,32,315 crore.

  For more  information,  visit at https://happenrecently.com/zepto/?amp=1

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