ICICI Bank Ltd’s third quarter profit rose 19% from a year earlier, driven by strong borrowing growth.
Net income at India’s second-largest private lender rose to 49.39 billion rupees ($ 677 million) in the quarter ended Dec. 31 from 41.5 billion rupees a year earlier, he said. it in a statement Saturday. That surpassed the average estimate of 42.4 billion rupees from 17 analysts in a Bloomberg study.
ICICI Bank posted 27.4 billion rupees in preparations in the fourth quarter, compared to 20.8 billion rupees a year earlier. The bank’s overall bad loan ratio stood at 4.38% at the end of December, compared to 5.17% three months earlier.
High court they have prevented Indian lenders from classifying their loans as non-performing since the beginning of September, which has found out the extent to which there are so many bad debt banks. Without that order, the ICICI bad loan ratio would have stood at 5.42%, the bank said.
“The continued rise in economic activity and tails since the Christmas period combined with the bank’s digital campaigns and widespread suffrage was seen in an increase in payments across retail products,” the lender said.
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ICICI Bank, is one of the largest retail lenders in India sharpening a focus on a relatively safe consumer business to grow its balance.
“We’re going to be targeting good customers no matter what the divisions are,” Sandeep Batra, executive director with the bank, said in a conference call Saturday. “We will focus on risk-capitalized growth. We are agnostic in the region, we are size agnostic. We’re not looking at shares, we’re looking at lenders. ”
To reduce their balance sheets, ICICI Bank and other private lenders he raised equity capital last year.
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