ICICI BANK PROFIT RISES 14.5% TO ₹11.7K CR, BEATS STREET ESTIMATE

Brokerages expected the bank's net income at ₹10,989 crore

- BENN KOCHUVEEDAN

SECOND-largest private sector lender ICICI Bank on Saturday reported a 14.5% rise in net income at ₹11,746 crore, beating Street expectations, helped by healthy interest income against a marginal increase in operating expenses.

Brokerages were expecting the bank to log in only ₹10,989 crore in net income.

The bank told reporters in a concall on Saturday that the net interest income increased by 9.5% to ₹20,048 crore. The net interest margin printed at 4.27%, down from 4.36% in the previous quarter and 4.53% in the year-ago period.

The bank's cost of deposit grew by 35 basis points year-on-year and 4 basis points quarter-on-quarter to 4.88%.