Mumbai, India – ICICI Bank Ltd, India’s second-largest private sector lender, has reported a 14.62% increase in its standalone net profit for the first quarter of the financial year 2024-25. The bank’s financial results, announced on Saturday, July 27, reflect robust growth across various key financial metrics.
Strong Financial Performance
For the quarter ending June 30, 2024, ICICI Bank recorded a standalone net profit of ₹11,059.11 crore, up from ₹9,648.20 crore in the same quarter of the previous year. This represents a gain of ₹1,410.91 crore or 14.62%.
The bank’s interest income rose significantly to ₹38,995.78 crore, marking a 17% increase from ₹33,327.61 crore in the first quarter of the financial year 2023-24. This increase in interest income amounts to a gain of ₹5,668.17 crore.
ICICI Bank’s total income for the quarter reached ₹45,997.70 crore, compared to ₹38,762.86 crore in the same period last year. This represents an 18.66% increase, adding ₹7,234.84 crore to the bank’s revenue.
Increased Expenditure
The bank’s total standalone expenditure for the quarter was ₹29,972.86 crore, an increase of 21.72% compared to ₹24,623.74 crore in the corresponding quarter of the previous year. This rise in expenditure reflects an increase of ₹5,349.12 crore.
ICICI Bank’s first quarter results demonstrate strong financial health and resilience, with significant growth in net profit and income. The bank continues to maintain its position as a leading player in India’s banking sector, driven by robust interest income and strategic management.
Report By: Sonali Sarkar
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