ICICI Bank today reported a 13 per cent rise in standalone net profit at Rs 2,532 crore for the third quarter ended December 2013.
The bank had posted net profit of Rs 2,250 crore in the same quarter of 2012-13. On a consolidated basis, the bank's net profit rose 8.6 per cent year-on-year to Rs 2,872.3 crore from Rs 2,645 crore during the period.
The lender's total income on standalone basis in Q3 2013-14 increased to Rs 14,255.96 crore, from Rs 12,352.91 crore in the year-ago period, ICICI Bank said in a statement.
Its operating profit in Q3 rose by 29 per cent to Rs 4,439 crore, as against Rs 3,453 crore in the year-ago period.
As of December 31, the bank's portfolio quality improved, with gross NPAs rising to 3.05 per cent of gross advances, as against 3.31 per cent year a year ago.
However, its net NPAs during the third quarter rose to 0.94 per cent, from 0.76 per cent in the period a year earlier.
During the three quarters (April-December) of 2013-14, the bank's net profit on standaone basis rose by 19 per cent to Rs 7,158.47 crore, as against Rs 6,021.40 crore in same period of 2012-13.
Its total income rose to Rs 40,140.68 crore in the nine months, from Rs 35,847.78 crore in the year-ago period.
ICICI Bank posts slowest quarterly growth in four years
India's ICICI Bank Ltd posted its slowest quarterly profit growth in four years as the ability of corporate borrowers to repay loans declined and the amount of funds set aside for bad debt almost doubled.
India's biggest private sector lender, like rivals Yes Bank Ltd, HDFC Bank Ltd and IndusInd Bank Ltd, has had to contend with a wave of defaults by companies struggling to make ends meet as India's economy grows at its slowest pace in a decade.
As a result, banks have increased the proportion of funds they extend to consumers from whom demand for home and car loans in particular has picked up as banks open branches in new territories.
That shift helped ICICI on Wednesday report net profit of 25.3 billion rupees ($404.12 million) in October-December from 22.5 billion a year earlier. That compared with the 24.6 billion rupee mean estimate of 23 analysts polled by Thomson Reuters I/B/E/S.
Net interest income, or the difference between interest earned and paid, rose about 22 percent to 42.6 billion